Multex.com Soars in First Day of Trading After IPO (Update1)
Bloomberg News
March 17, 1999, 8:40 a.m. PT
Multex.com Soars in First Day of Trading After IPO (Update1)
(Updates with stock price after trading begins.)
New York, March 17 (Bloomberg) -- Multex.com Inc., which
distributes Wall Street research reports, more than doubled in
its first day of trading following an initial stock sale.
The New York-based company rose 22 to 36 as about 1.7
million shares changed hands on the Nasdaq Stock Market in late
morning trading.
Yesterday, Multex.com sold 3 million shares at $14 each, or
$1 more than the $11 to $13 range set by lead underwriter
BancBoston Robertson Stephens. The shares amount to a 14 percent
stake in the company.
Multex.com distributes research reports on over 15,000
companies from more than 400 securities firms, including Merrill
Lynch & Co.; Morgan Stanley, Dean Witter & Co.; and Salomon Smith
Barney Inc.
The company provides the reports to institutional and
individual investors through its Web sites and through agreements
with such companies as Automatic Data Processing Inc., America
Online Inc., Bloomberg LP, the parent of Bloomberg News; Bridge
Information Systems Inc.;, Dow Jones & Co. Inc.; and Reuters
Group Plc.
Chase Venture Capital Associates LP owns 14.4 percent of the
company while Reuters America Inc. controls 9.2 percent.
Multex lost $9.7 million on revenue of $13.2 million in
1998. It had a loss of $8 million on revenue of $6 million the
year before.
Multex trades under the symbol ''MLTX.'' CIBC Oppenheimer
Corp. and Dain Rauscher Wessels assisted Robertson in the sale.
--Per H. Jebsen in the New York newsroom (212) 893-3368/mq
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