Underwriters for Blue Nile Inc. on Monday set the terms of the company’s pending initial public offering at 3.74 million common shares with a price of $17.50 to $19.50 a share, The Associated Press reports.

The Seattle-based company said it is selling 2 million shares, while shareholders are selling the rest, the AP reports.

On March 11, Blue Nile, an online retailer of diamonds and jewelry, filed an initial public offering to sell up to $75 million in common stock. It did not disclose details then.

In an amended Form S-1 filed Monday with the Securities and Exchange Commission, the company said it expects the net proceeds from the offering will be $32.4 million, the AP reports.

Blue Nile said it intends to use the net proceeds for general corporate purposes, including working capital and capital expenditures, the AP reports. The company won’t receive any proceeds from the sale of shares by the selling holders.

Merrill Lynch, Pierce, Fenner & Smith Inc., Bear, Stearns & Co. Inc., and Thomas Weisel Partners LLC were reportedly listed as the underwriters for the offering.

The underwriters may also purchase up to an additional 561,000 common shares to cover overallotments, the filing said.

According to the filing, there will be 17.3 million common shares outstanding after the offering, the AP reports. The company intends to list its common stock on the Nasdaq National Market under the symbol NILE.

JCK