GENU prices below its expected range:
biz.yahoo.com
Tuesday June 27, 7:12 pm Eastern Time
IPO PRICING-Genuity prices below expected range
NEW YORK, June 27 (Reuters) - Genuity Inc. (NasdaqNM:GENU - news), a GTE Corp. (NYSE:GTE - news) subsidiary, on
Tuesday raised about $1.9 billion after selling 173.9 million shares at $11 each, below the target price range.
The Internet infrastructure services company had anticipated pricing its shares between $12 and $15 each, said lead underwriter
Morgan Stanley Dean Witter & Co.
Genuity, based in Burlington, Mass., said it would use the money raised in its initial public offering to expand its network and for
general corporate purposes.
Last year, Genuity posted about $750 million in revenue and $626.7 million in net losses. America Online Inc. (NYSE:AOL - news), the U.S's No. 1 online services
provider, accounted for about 52 percent of Genuity's revenue in 1999, Genuity's prospectus showed. |
