Netsuite, the on-demand business software firm backed by Oracle Chief Executive Larry Ellison, on Wednesday raised the price range of its initial public offering for the second time in as many days, potentially placing the deal among the 10 largest venture-backed IPOs of 2007.

In a government filing, the company revised the expected price range of its 6.2 million share IPO to $19 to $22 per share. On Tuesday, the company raised the price to $16 to $19 per share from a range of $13 to $16 per share.

Credit Suisse, the lead manager of the IPO, is being joined by W.R. Hambrecht to manage the offering using a modified Dutch auction format to find the top price at which all the offered shares will be sold. The Dutch auction format, which is rarely used, gained attention when it was adopted for Google's IPO in 2004.

The IPO is expected to begin trading by week's end on the New York Stock Exchange under the ticker symbol "N" and could raise as much as $156.9 million before expenses if the underwriters exercise their over-allotment of 930,000 shares.

Netsuite plans to use the proceeds for possible acquisitions and $10 million to $15 million to pay off a line of credit with Tako Ventures, Mr. Ellison’s investment vehicle, according to a government filing.

Mr. Ellison and his family own 73.7 percent of Netsuite pre-IPO and will retain 66.1 percent afterward. New York City-based venture capital firm StarVest Partners is the largest institutional holder with a 5.1 percent pre-IPO stake.

Mr. Ellison moved 32 million shares, or about 60 percent of the outstanding common stock, as of September 30 to a “lockbox” company as a way of blunting his voting control over the Netsuite board of directors and averting conflicts of interest given his role at Oracle. The $1.2 billion deal to bring MetroPCS public is the top venture-backed IPO so far for 2007.