SOUTHBOROUGH, Mass.-ViryaNet Ltd., which provides Internet-based field service solutions for wireless work force management, plans to offer 4 million of its ordinary shares at $8 per share in an initial public offering.
The company offered 600,000 additional shares to cover overallotments to Chase H&Q, which acted as lead manager of the offering, and co-managing underwriters Salomon Smith Barney and Dain Rauscher Wessels.
ViryaNet plans to use proceeds from the offering for international expansion, sales and marketing channel expansion, investment in research and development and general corporate purposes.
