Some news, may of been posted but here it is anyway.
June 14, 1999 05:26 PM
WASHINGTON, June 14 (Reuters) - Online sweepstakes promotion company Webstakes.com Inc. said Monday it planned to raise about $58 million through an initial public offering of common stock.
The New York City-based company, which combines sweepstakes, contests and similar promotional events with direct marketers and customers, did not reveal in its filing with the Securities and Exchange Commission how many shares are in the IPO.
Nor did the company, located online at www.webstakes.com, estimate in the filing what the price range will be. But it said the shares are expected to trade on Nasdaq under the symbol IWIN .
The underwriters for the offering are Bear Stearns, ING Baring Furman Selz, Thomas Weisel Partners and Wit Capital.
Webstakes.com, which markets its promotions on Excite Inc.'s www.excite.com site, will use net proceeds from the IPO to make payments totaling $15.5 million to Excite and an Excite subsidiary, MatchLogic, whose services will allow Webstakes.com to analyze its online visitors.
Excite is a unit of At Home Corp. ATHM , which provides Internet services over cable television to consumers and businesses.
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