Agilent Technologies' IPO Priced at $30 Per Share

HP spin-off Agilent Inc.'s (Palo Alto, CA) initial public offering of 72 million shares of common stock was priced at $30 per share. The company's shares are expected to be listed on the NYSE on Nov. 18 under the ticker symbol "A."

Of the total public offering, 57.6 million shares are being offered in the United States and Canada, and 14.4 million are being offered outside the United States and Canada. Net proceeds from the offering are expected to be approximately $2.1 billion and will be paid to HP as a dividend.

After the offering, Agilent will have approximately 452 million common shares outstanding, with HP owning approximately 84.1% of those shares. HP has announced that it currently plans to divest its ownership interest in Agilent by mid-2000 by distributing all of the shares of Agilent common stock owned by HP to the holders of HP's common stock. The exact distribution formula and record date to qualify for the distribution will be determined at a future date.

Morgan Stanley Dean Witter and Goldman, Sachs & Co. are lead manager and co-lead manager, respectively, for the offering.

Edited by Kristin Keiser