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Autobytel.com Raises IPO Share Price as Rival Soars (Update1)
Autobytel.com Raises IPO Share Price as Rival Soars (Update1)
(Adds that pricing will occur Wednesday.)
Irvine, California, March 23 (Bloomberg) -- Autobytel.com Inc.,
which operates a Web site for buying new and used vehicles,
raised the expected share price of its initial public offering by
24 percent.
Irvine, California-based Autobytel.com and existing shareholders
now plan to sell 4.5 million shares at $20 to $22 each, up from
$16 to $18, according to BT Alex. Brown Inc., which is leading
the underwriting of the IPO. The sale would raise $94.5 million
at the median price. The pricing of the shares will be held
tomorrow, Alex. Brown said.
The change came as Autoweb.com Inc., a rival online car seller,
nearly tripled on its first day of trading, rising as high as 41
after selling shares at $14 each.
Autobytel.com operates a Web site that lets consumers get
information on cars and light trucks and shop for vehicles from
their homes. The Internet services are free to consumers.
Autobytel.com makes money from auto dealerships that pay to be
part of its referral service.
Autobytel.com will trade under the symbol ''ABTL'' on the Nasdaq
Stock Market. Lehman Brothers Inc. and PaineWebber Inc. are
assisting BT Alex. Brown in the transaction.
NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min. |
