1-800-Flowers.com Would Be Valued at $1 Bln in IPO, Filing Says
Bloomberg News
July 9, 1999, 8:54 a.m. PT
Washington, July 9 (Bloomberg) -- The online flower and gift retailer 1-800-Flowers.com Inc. would be valued at more than $1 billion after its initial stock sale, according to details from a regulatory filing.
The Westbury, New York-based company said in an amended registration filing today with the Securities and Exchange Commission that it will seek to sell 6 million shares for $16 to $18 apiece through an IPO. 1-800-Flowers.com filed to go public in May and waited until today to release preliminary terms of the stock sale.
The company, whose backers include affiliates of Softbank Corp. and LVMH Moet Hennessy Louis Vuitton SA, sells floral arrangements and gifts, as well as home and garden merchandise through the Internet, by telephone, and in retail stores.
1-800-Flowers would raise $117.3 million and keep $93.4 million after expenses if shares sell for $17 apiece, the middle of the expected price range. At that price, with 61.6 million Class A and Class B common shares outstanding, 1-800-Flowers.com would have an implied market value of more than $1 billion.
New investors would own a 9.7 percent stake in 1-800-Flowers.com. The Class A shares, though, will have one vote per share, while Class B shares will have 10 votes each.
Underwriters for the stock sale will include Goldman, Sachs & Co., Credit Suisse First Boston and Wit Capital Corp. 1-800-Flowers.com will seek to trade on the Nasdaq Stock Market under the symbol ''FLWS.''
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