Online Retailer Ashford.com Puts Up 4M Shares At $11-$13 In IPO
Newstraders - August 25, 1999 14:17
(NewsTraders.com)-- Online specialty retailer Ashford.com Inc. disclosed that it will put 6.25 million shares up for sale in its pending IPO, and sees the shares pricing at between $11 and $13 each,
according to an amended regulatory document released late yesterday.
The company indicated in its original July 13 filing that it would sell $100 million of stock, but did not provide other specifics at the time.
Ashford's Web site, www.ashford.com, is focused exclusively on luxury and premium products, including new and vintage premium watches, fine writing instruments, fragrances, sunglasses and other luxury goods.
The company plans to use the offering's proceeds, estimated at $68.6 million, for marketing expenditures, working capital and other general corporate purposes.
The stock sale will put roughly a 17% stake in the company up for grabs and set Ashford's market capitalization as high as $442.4 million, based on the number of shares to be outstanding and the
estimated $12 mid-point.
For the three months ended June 30, Ashford posted a net loss of $3.2 million on $3.6 million in total sales.
IPO Expectations:
Price per share: $11 to $13
Shares being offered: 6,250,000 common
Shares to be outstanding: 36,864,429 common
Company location: Austin, Texas
Exchange/Symbol: Nasdaq/ASFD
Underwriter(s): Goldman Sachs Co.; BancBoston Robertson Stephens; Deutsche Banc Alex. Brown; E*Offering |
