Will It Accept ValuePays? ShopNBC To Garner $48.3 Million From Stock Offering

ValueVision Media, better known as ShopNBC, has priced its stock offering and will be netting $48.3 million from the sale, according to documents filed Wednesday with federal regulators.

ShopNBC is offering 8.3 million shares of its common stock at $6.25 a share to the public.

In connection with the offering, ShopNBC has also granted to the underwriters a 30-day option to purchase up to 1.2 million additional shares of common stock from the home shopping network to cover any over-allotments.

Net proceeds from the offering are expected to be used to redeem the outstanding Series B preferred stock held by GE Capital Equity Investments, to the extent there are net proceeds remaining, for working capital and general corporate purposes, which may include capital expenditures.

The offering is expected to settle and close April 4, subject to customary closing conditions.

Piper Jaffray & Co. is acting as sole book-running manager, and Dougherty & Co. and Feltl and Company are acting as co-managers in the offering.

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