Glenn, have you ever heard of this underwriter? I'll pass on this one.
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Reston, Virginia, July 7 (Bloomberg) -- Musicmaker.com Inc., which lets customers pick songs for customized CDs it sells online, and its largest shareholder, EMI Recorded Music, raised $117.6 million in an initial stock sale.
Reston, Virginia-based Musicmaker.com, which had $74,028 in sales last year, and EMI sold 8.4 million shares at $14 each. That was the top of the $12 to $14 range set by Ferris Baker Watts, which managed securities firms handling the sale. The shares, equal to a 28 percent stake, gave the company a market value $423.8 million.
EMI, the third largest music company in the world, sold 3.1 million of the shares and retains a 40 percent stake in the company. EMI acquired 15.2 million shares of Musicmaker in return for granting the company a five-year worldwide exclusive license to EMI music.
Musicmaker allows customers to select songs from its online music library to put on personalized CDs, which it manufactures and ships to the customers at prices that are competitive with those available at retail stores.
Musicmaker will trade on the Nasdaq Stock Market under the symbol ''HITS'' later today. Fahnestock & Co. and C.E. Unterberg, Towbin assisted in the sale.
Jul/07/1999 10:04 << |
