*OT* Valueman, not to wind you up more about Internet garbage, but...
Priceline (PCLN) will go public this or next week. William Shatner/Star Trek spokesman "Priceline is going to be big, really big." Blah, blah, blah. The sales pitch is to aggregate buyers to negotiate with sellers to "name your own price." I experimented with the service, had to enter tons of data/spend lots of time, and didn't save any money vis-a-vis calling a travel agent or using numerous other travel/ticket web sites. High pain in the ... factor. Company is expected to lose money, well, probably forever. Anyway,
10M shares to be offered at $7-9 (prediction -- priced at $15).
142M shares outstanding
Considered a "hot" internet IPO
Daytraders will look at $15 price and disregard the 142M shares outstanding
My prediction -- first trade at $75 and will close the first day at $50 due heavy, heavy institutional flipping.
At $25/share, PCLN valuation will be $3.5B
At $50/share, PCLN valuation will be $7.1B (LOR/GSTRF value together)
At $75/share, PCLN valuation will be $10.6B
Pretty nauseating stuff, eh?
______________________________________________________
Thursday March 18, 1:31 pm Eastern Time
Priceline.com sets IPO at 10 mln
shares
WASHINGTON, March 18 (Reuters) - Internet commerce firm Priceline.com Inc. said
Thursday it will offer up to 10 million common shares in its initial sale of stock to the public.
In an amended initial public offering filed with the Securities and Exchange Commission, the
Stanford, Conn.,-based firm estimated the initial selling price at between $7 to $9 per share.
Previously, the company had not disclosed the amount of stock it would offer for public sale nor
the estimated initial selling price.
After the offering, outstanding common will total 142,320,430 shares.
The company has applied to trade on Nasdaq under the stock symbol .
Priceline.com granted the underwriters an over-allotment option to purchase up to 1.5 million
additional comon shares. The offering will be made through Morgan Stanley Dean Witter,
BancBoston Robertson Stephens, Donaldson Lufkin & Jenrette and Merrill Lynch & Co.
Net proceeds will be used for working capital and general corporate purposes.
Priceline.com is a multi-category e-commerce system which uses a simple and compelling
consumer proposition -- name your price. |
