NetSuite IPO auction begins

NetSuite on Monday said the auction period for its first initial public offering has begun and that it expects the price will be finalized by the stock market's close on December 19.

NetSuite, which sells a range of hosted business software, intends to sell 6.2 million shares of common stock. Last week, the company said it expected the price to end up between US$13 to $16. That would raise a maximum of US$99.2 million

The company, which targets small and medium-size businesses, is mimicking Google in conducting an online, auction-style IPO, instead of having underwriters set the price.

It has set up a Web site for the IPO at