Underwriters for Blue Nile Inc. have set the terms of the company's initial public offering, which at press time was pending, at 3.74 million common shares with a price of $17.50 to $19.50 a share, according to a report by the Associated Press. The Seattle-based company said it is selling 2 million shares, while shareholders are selling the rest, the AP reported. 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 with the Securities and Exchange Commission, the company said it expects the net proceeds from the offering to be $32.4 million.