Telegroup, Inc. Announces Initial Public Offering
Fairfield, Iowa -- Telegroup, Inc. (NASDAQ: TGRP) today announced its initial public offering of 4,000,000 shares of common stock at a public offering price of $10.00 per share. All of the shares were issued and sold by the Company. Smith Barney Inc. was the lead-manager of the underwriting group, and Alex. Brown & Sons and Cowen & Company served as co-managers.
Telegroup, Inc. (the "Company") is a leading global alternative provider of international telecommunications services and offers a broad range of discounted international and enhanced telecommunications services to over 200,000 small- and medium-sized business and residential customers in more than 170 countries. Telegroup has achieved its significant international market penetration by developing what it believes to be one of the most comprehensive global sales, marketing and customer services organizations in the telecommunications industry.
This announcement is neither an offer to buy nor sell securities. This announcement is being made as a matter of record.
###
