Charleston, S.C. (July 23, 2004) -- Blackbaud, which makes fundraising and not-for-profit accounting software, went public yesterday with an offering of 8.1 million shares at a price of $8 a share, far below previous expectations.

That price was well below the $10-to-$12-per-share range reported earlier this month by Dow Jones as the range set by the underwriters, while the reported 8.1 million shares is considerably lower than the 9.1 million share offering size listed in the company’s most recently filed amendment of its S-1 form. The underwriter’s over-allotment option was also lowered to 1.2 million shares, from the original plan of 1.365 million.

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