25x over subscribed (see bold)
Ebookers.com Prices At $18, Raises $61.2M In $306.4M IPO
November 11, 1999
LONDON -- Ebookers.com PLC, the U.K. on-line travel shop, Thursday priced its share offering at $18 - the top end of an already-boosted price range.
Shares were initially offered at $13-$15 each, but this was raised Tuesday to $15-$18 a share.
The company, which is issuing 3.4 million American depository receipts and is listing on Nasdaq and the Neuer Markt, is raising $61.2 million. The deal gives the company a stock market value of $306.4 million. The offering was 25 times oversubscribed, attracting strong interest from European and U.S. investors.
(Corrected 1534GMT)
"By raising $61.2 million we can now aggressively pursue our strategy to become Europe's leading online travel company," said Dinesh Dhamija, founder and chief executive.
"The European Internet market is in hyper-growth stage, and with our extensive knowledge and experience within the sector, we are well positioned to realize this huge market opportunity," he added.
Ebookers.com is a leading provider of on-line travel services for leisure and small business travelers in Europe. The company was split off from Flightbookers, a London-based travel agent, in June 1999.
J.P. Morgan is acting as global co-ordinator. Co-lead managers are Commerzbank, Salomon Smith Barney and SG Cowen. |
