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Technology News
Tue, 06 Apr 1999, 8:55pm EDT
Rhythms NetConnections Inc. Raises $196.9 Million in IPO
Rhythms NetConnections Inc. Raises $196.9 Million in IPO
Englewood, Colorado, April 6 (Bloomberg) -- Rhythms
NetConnections Inc., which provides high-speed access to the
online world, raised $196.9 million before expenses in an initial
stock sale.
The Englewood, Colorado-based company sold 9.375 million
shares at $21 each. That was $1 above the top of the $18-to-$20
range set by Merrill Lynch & Co. and Salomon Smith Barney Inc.,
which handled the sale. Merrill and Salomon raised the range from
$15-to-$17 earlier in the day.
Rhythms provides high-speed computer networking, Internet
access and other services over existing telephone lines,
connecting businesses with their satellite offices and remote
workers, the company said in its IPO filing with the U.S.
Securities and Exchange Commission.
In January, Covad Communications Group Inc., which provides
high-speed Internet access over copper telephone lines, gained 27
3/8 to 45 3/8 in its first day of trading after an initial public
offering. Covad shares fell 1 9/16 to 68 7/16 today.
Rhythms will trade under the symbol ''RTHM'' on the Nasdaq
Stock Market. Hambrecht & Quist LLC and Thomas Weisel Partners
LLC assisted in the transaction.
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