E-Loan Inc. reduced the estimated price range for its initial public offering of 3.5 million common shares to $9 to $11 a share, from $11 to $13.
The Dublin, Calif., Internet-based mortgage company disclosed the lower price range in an amended filing Thursday with the Securities and Exchange Commission.
"Internet stocks have taken a hit, some going down as much as 50 points since their high in May," said analyst James Punishill of Forrester Research. "This is not the time you want to take your company public ... but clearly they want to get their company out the door sooner rather than later."
The underwriters are Goldman, Sachs, Donaldson Lufkin & Jenrette, and Hambrecht & Quist, who can buy another 525,000 shares if there is heavy demand for them.
The company plans to sell an additional $12.5 million worth of shares in a private placement after the IPO closes.