NEW YORK (CBS.MW) -- Digitas priced its initial
public offering $4 above the expected range as the
Internet services firm reading its initial public offering
for a Tuesday debut.
Digitas (DTAS: news, msgs) is
offering 9.3 million shares of stock at
$24 each, well above its $18-to-$20
range.
The pricing signals that the IPO
market wasn't stymied by the big
sell-off on the Nasdaq on Monday.
It's in line to raise $223 million with
lead underwriter Morgan Stanley Dean Witter.
With 57 million shares outstanding after its IPO, Digitas
would have a market cap of $1.4 billion, based on its
offering price.
The Boston-based company bills itself as a leading
Internet professional-services firm that helps companies
meet the challenges and opportunities of the Internet.
Clients include American Express, AT&T, General
Motors, Dell and L.L. Bean.
Competitors include USWeb (USWB: news, msgs),
Agency.com (ACOM: news, msgs) and Razorfish
(RAZF: news, msgs). |
