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Technology Stocks : United Parcel Service Inc-(UPS)
UPS 95.54+0.7%3:59 PM EST
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To: Patriarch who wrote (35)7/29/1999 9:19:00 AM
From: Mohan Marette  Read Replies (1) of 368
 
United Parcel Service Estimates IPO Will Raise $3 Billion

Bloomberg News
July 29, 1999, 5:53 a.m. PT

United Parcel Service Estimates IPO Will Raise $3 Billion

Washington, July 29 (Bloomberg) -- United Parcel Service Inc., the world's largest package-delivery company, provided a new estimate for the size of its initial public offering, stating that the stock sale will raise as much as $3 billion.

Atlanta-based United Parcel filed for the stock sale last week. However, the initial filing included only a nominal figure of $100 million for the amount of money to be raised.

United Parcel included the $3 billion figure in an amended registration statement filed this morning. Based on the company's plans to sell 10 percent of its shares to the public, the $3 billion figure suggests that the company's total market worth is about $30 billion.

Analysts had estimated that the stock sale would raise at least $3 billion, with some experts citing figures as high as $4 billion to $5 billion. These estimates were based in part on United Parcel's earnings and the price multiple for FDX Corp., a rival package delivery company whose shares are already publicly traded.

United Parcel said that the $3 billion figure was used solely to calculate the SEC registration fee. That means the size of the offering may change before the stock sale.
news.com
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