OneMain.com and the Bob Dole Connection--->
Say CJ Bob Dole alone should bring in some credibility and add a few bucks to the stock I think.
=============
NEW YORK, March 24 (Reuters) - In a sign of strong investor demand for a piece of a company seeking to hook rural America up to the Internet, shares of OneMain.com (Nasdaq:ONEM - news) on Wednesday priced at a top-of-range $22 in its initial public offering.
Solidifying its identity as a provider of Internet access to America's heartland, OneMain.com also said Wednesday it named former Senate Majority Leader Robert Dole a director.
The company plans to raise $187 million through the offering of 8.5 million shares, which are set to begin trading on Thursday on the Nasdaq Stock Market under the symbol ''ONEM.''
Lead underwriter BT Alex Brown said earlier Wednesday the offering's pricing range had been raised to $20-22 from $18-20, reflecting heavy demand.
''I am excited to help direct the future of OneMain.com,'' Dole said in a statement. ''Internet access continues to be an invaluable resource to enhancing the lives and personal growth of individuals across the country.''
OneMain.com's debut on the market comes amid a continuing investor feeding frenzy for any company with the ''dot com'' extension on its name. Internet companies made up 42 percent of all new companies coming to market in the first two months of 1999, compared to about 6 percent in the first two months of 1998, according to the research firm CommScan.
OneMain.com essentially represents the union of 17 separate Internet service providers based in areas such as Lancaster, Pa., Wichita, Kan., Fort Smith, Ark. and Carbondale, Ill. with a combined total of about 331,800 subscribers. A spokesman said the company will focus mainly on providing Internet services to areas outside of metropolitan areas.
OneMain.com, which is based in Reston, Va. near Internet services giant American Online Inc. (NYSE:AOL - news) and other such companies, said it will use proceeds from the sale of shares to pay the cash portion for its 17 acquisitions, repay certain debt and for general corporate purposes. |
