NEW YORK CITY, NEW YORK, U.S.A., 1999 FEB 11 (NB) -- By Bob Woods,
Newsbytes. Internet-based business-to-business commerce concern
Vertical.Net Inc. [NASDAQ:VERT] saw its initial public offering (IPO)
rise by more than 156 percent in early Thursday trading, after the issue
priced at $16 per share late Wednesday.
At 11:45 AM EST, Vertical.Net shares were up $20.50 or 128.125 percent
at $36.50 per share, after trading as high as $41 earlier in the
morning.
With the initial pricing of $16, Vertical.Net raised $56 million as it
sold 3.5 million common shares to the public. Initially, the IPO's
underwriters expected Vertical.Net to price at $8 per share to $10 per
share. Those expectations were raised up to $12 to $14 a share after
strong demand emerged for the new issue.
Horsham, Penn.-based Vertical.Net Inc. describes itself as "the
Internet's leading creator and operator of vertical trade communities,"
by creating multi-national, targeted business-to-business communities.
These narrowly focused Web sites reportedly attract buyers and sellers
from around the world by catering to individuals with similar
professional interests. Each of Vertical.Net's communities is
individually branded by industry.
Vertical.Net is located on the Web at verticalnet.com .
Reported By Newsbytes News Network, newsbytes.com .
(19990211/WIRES ONLINE, PC, NETWORK/) |
