Irvine’s Exult Lowers Price, Number of Shares in IPO

Exult Inc.’s underwriters have lowered the Irvine company’s pending initial public stock offering and price range, according to a regulatory report filed Thursday.

Exult is planning to offer 6 million shares of stock at $10 to $12 a share, which would generate $60 million to $72 million. Most recently, Exult had planned to sell 9 million shares of common stock at $13 to $15 a share.

The company listed a stock offering for up to $200 million when it filed its initial report March 6 with the Securities and Exchange Commission. On April 25, the offering was set at 14 million shares with a price range of $14 to $16.

The offering was lowered to 9 million shares on May 8, with a price range of $13 to $15 a share.

The Web-based personnel management company plans to use proceeds from the offering for working capital and other general corporate purposes, such as expanding the firm’s client service centers, acquiring other firms and repaying outstanding debts.

The underwriters are Merrill Lynch & Co., Bear Stearns & Co., Robertson Stephens and Salomon Smith Barney Inc.