Evening Update: Record-Setting Conoco IPO raises $4.4 Billion
By Heather Moore, Aaron L. Task
and John J. Edwards III
Staff Reporters
The new record holder for the largest IPO in U.S. history, Conoco
(COC:NYSE), was priced after the close of trading tonight, raising $4.4
billion on the sale of 191.5 million shares priced at $23 a share.
Conoco, the nation's eighth-largest oil company and former money-making
subsidiary of DuPont (DD:NYSE), will start trading on the New York Stock
Exchange tomorrow morning.
The mammoth deal, only the fourth IPO this month, raised $1 billion more
than all the IPOs in August, September and October combined. Conoco's big
payday also tops the $2.6 billion raised by Lucent (LU:NYSE) in 1996, which
held the record for largest U.S. IPO until today.
The Conoco deal was priced near the top of its $20-to-$24 price range, and
the number of shares was increased from a planned 150 million shares to 175
million shares earlier today, then to the final 191.5 million shares just
before pricing. The increase in the number of shares raised an additional
$1.1 billion from investors
Regards
Neil |
