Anthony,
Concerning DLIA
WASHINGTON, March 17 (Reuters) - Internet company iTurf
Inc., whose content is geared toward the age group of 10-24,
known as Generation Y, said Wednesday it plans to offer 3.7
million class A common shares in its initial public offering.
The New York City company estimated that the shares may trade in the $10-$12 per share range,
according to its amended IPO filing with the Securities and Exchange Commission.
It was amended to include the number of shares in the offering, what the estimated price range might
be, and other items not previously disclosed in iTurf's IPO proxy first filed with the SEC in late
January.
Underwriters, which include BT Alex. Brown and Hambrecht & Quist, have an over-allotment
option on 555,000 additional shares, which was also not disclosed before.
The company has applied to trade the shares on Nasdaq under the symbol (Nasdaq:TURF - news).
iTurf, a unit of teen clothing retailer dELiA*s Inc. (Nasdaq:DLIA - news), a leading marketer to
Generation Y, said net proceeds will be used for marketing activities, debt repayment to its parent,
purchase of parent's common stock and other general corporate purposes.
dELiA*s owns all of iTurf's class B common stock, which will amount to 12,500,000 shares
outstanding after the IPO. iTurf will have 3,702,273 class A shares outstanding after the offering.
iTurf is an online destination where Generation Y can interact and shop. Its network of web sites
offers interactive magazines, chat rooms, personal homepages and e-mail.
It estimates that the number of page views per month on its web sites has grown to 35 million in
February 1999 from 800,000 in February 1998. Revenues increased to $2.1 million in the quarter
ended Jan. 31, 1999 from $48,000 in the quarter ended Jan. 31, 1998, the filing said.
Hraka |
