Take advantage of today's terrible market. This is a chance to get in on an Internet IPO close to the IPO price. Digital River is a strong company, with very strong industry relations. They hold a number of patents regarding internet digital information distribution. They have contracts to distribute software with many large companys, such as Lotus, Symantec, JASC, many more...
Look for DRIV to accumulate volume and rise in price in the days to come. My target is 16.
Digital River Debuts At Lower Price, With Fewer Shares Than Planned
Dow Jones Online News, Tuesday, August 11, 1998 at 14:29
MINNEAPOLIS -(Dow Jones)- Digital River Inc., which distributes
software over the Internet for many major companies, debuted on the
Nasdaq National Market Tuesday, but at a lower price and with fewer
shares than originally planned.
Digital River (DRIV) had an initial public offering of three million
common shares, at $8.50 a share. The company had originally planned to
offer 3.2 million shares, with price talk between $10 and $12.
The shares opened at $8.375, and have traded in the range of $8.125
and $8.50.
The estimated $25 million of net proceeds from the IPO will be used
for general corporate purposes, including continued investment in
product development, expansion of sales and marketing activities and
working capital.
Digital River said it granted its underwriters a 30-day option to
purchase up to 450,000 additional shares to cover possible
over-allotments. The underwriting group is managed by BT Alex. Brown
Inc., BancAmerica Robertson Stephens and Bear Stearns & Co.
Tech Squared, Inc. (TSQD) controls 23% and Fujitsu Limited of Japan
owns 16% of Digital River's common stock.
Based in Edina, Minn., the company hosts software from top
publishers, and distributes the software over the Internet when
customers request it. Digital River said it has partnerships with more
than 1,500 software publishers and online dealers, and that it
distributes more than 120,000 software and digital products.
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