Autobytel raises IPO price, again
By Sandeep Junnarkar
Staff Writer, CNET News.com
March 26, 1999, 6:50 a.m. PT
Making the best of a favorable market, Autobytel.com continues to price itself higher, once again increasing its expected initial public offering price today to $23 per share.
Just a few days ago, after watching the successful IPO of rival site Autoweb.com, Autobytel, which runs a Internet site for buying new and used cars, raised its price range from $16 to $18 per share to $20 to $22 per share. The company plans to sell 4.5 million shares. The sale, priced at $23 per share, could raise as much as $103.5 million.
Shares of Autoweb skyrocketed on Tuesday when the Santa Clara, California-based company began its first day of trading. The stock surged 185.71 percent to close at 40. Autoweb priced at $14 per shares.
Autobytel's site allows consumers get information on cars and small trucks, and also buy them without leaving home. While the service is free to consumers, Autobytel charges auto dealerships who pay to be part of its listing service.
Autobytel is set to begin trading today, and will move under the symbol "ABTL" on the Nasdaq Stock Market. BT Alex Brown is the lead manager handling the sale, with assistance from Lehman Brothers and PaineWebber. |
