More fuel for the E*Financials fire? - TheStreet.com details IPO plans
By Reuters
Special to CNET News.com
April 2, 1999, 7:40 a.m. PT
TheStreet.com, the online financial news and commentary service, said today that it plans to offer 5.5 million common shares in an initial public offering.
The New York City-based company anticipated that the shares may sell in the $11 to $13 per share range, according to an amended IPO filing with the Securities and Exchange Commission.
The filing was amended to include, among other things, the number of shares in the offering and the price range, which were not disclosed in TheStreet.com's original IPO filing with the SEC on February 23.
All of the shares are being sold by the company.
TheStreet.com said it received approval to trade them on the Nasdaq under the symbol "TSCM."
Underwriters Goldman Sachs, Hambrecht & Quist, and Thomas Weisel Partners have an over-allotment option on 741,667 additional shares that may be purchased from the company and up to an additional 83,333 shares from Kevin English, the company's chairman.
Net proceeds will be used to provide working capital to develop new products and expand internationally, fund general corporate purposes, and create a public market for its common stock, the company said.
TheStreet.com will not receive any of the proceeds from the sale of English's shares.
The company will have 25,075,037 shares outstanding after the offering.
TheStreet.com is staffed by more than 50 reporters and editors together with two dozen outside contributors, and its Web site is updated with 40 original stories throughout each business day.
It says it has more than 50,000 subscribers as of March 29. |
