Peregrine Plans IPO of 3 Million Shares

Peregrine Systems Inc., a San Diego software manufacturer, plans to sell 3 million common shares through an initial public offering. The company will offer the common stock at $10 to $12 a share, according to a registration statement filed with the Securities and Exchange Commission. The stock sale will include 2 million shares that Peregrine plans to issue and 1 million shares that existing investors plan to sell. The selling shareholders include company Chairman John Moores, who is also owner and chairman of the San Diego Padres. Peregrine expects its stock sales to raise about $19.8 million after expenses if the shares sell for $11 each. Peregrine, which was incorporated in 1981, develops software that automates the management of information technology systems.