New York (May 10, 2004) -- The number of shares to be offered, the price range for the offering, and the exact date are still up in the air. In fact, the company hasn’t even picked an exchange yet. But there’s still plenty to talk about: Surprising many in the financial planning industry, investment research giant Morningstar announced Thursday that it had filed with U.S. regulators for an initial public offering of up to $100 million. Morgan Stanley, Deutsche Bank Securities and William Blair & Co. will underwrite the IPO, according to the company's preliminary prospectus.

Morningstar doesn't have any specific plans for proceeds from the sale, but the money raised could go towards acquisitions or joint ventures in businesses, products, services or technologies that complement or expand its existing business, the company wrote in the prospectus. Morningstar also expressed interest in international expansion.

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