Reuters: Regulatory News: UPDATE 1-Guidewire Software files for $225 mln secondary offering

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UPDATE 1-Guidewire Software files for $225 mln secondary offering Apr 2nd 2012, 21:43 April 2 | Mon Apr 2, 2012 5:43pm EDT April 2 (Reuters) - Guidewire Software Inc filed for a secondary offering of up to 7.5 million shares just over two months after the software maker went public in a well-received IPO. The company, which provides software to property and casualty insurers, said it will sell 400,000 shares while certain stockholders would sell 7.1 million shares. At Monday's closing price, the offering would raise up to $225 million. Investors are typically expected to wait about six months after an initial public offering to sell their shares but Guidewire waived a "lock-up" arrangement to let the offering take place. A "lock-up" period during an IPO means that certain investors with a large number of shares are usually not able to sell their stock until a pre-arranged date. Guidewire, had sold 8.9 million shares at $13 apiece when it went public in its upsized initial public offering in January. Its shares have since more than doubled in value, closing at $30 on the New York Stock Exchange on Monday. J.P. Morgan and Deutsche Bank are acting as lead underwriters to Monday's offering. Guidewire shares were down 6 percent at $28.31 in extended trading.

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