Underwriter ups price range, size of iTurf IPO
mact:
Pricing expected on either 7th or 8th.
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Tuesday, April 06, 1999
April 6, 1999 11:42am
Reuters
NEW YORK, April 6 (Reuters) - In a sign of strong demand, the value of the upcoming initial public offering from Internet company iTurf was raised to $67.2-75.6 million from $37-44.4 million, the lead underwriter said Tuesday.
Lead underwriter BT Alex. Brown said the number of shares on the IPO was increased to 4.2 million from 3.7, and the price range was increased to $16-18 from an originally-planned $10-12.
The IPO is expected to price Wednesday or Thursday evening, with shares debuting for trade the following day.
iTurf is an Internet company geared for the 10-24 age group known as "Generation Y". It's parent is dELIA*s <DLIA.O>, a teen clothing retailer.
Internet companies typically garner strong demand in the IPO market, and the values of their deals are often increased at the eleventh hour.
Another Internet company scheduled to go public this week, Value America Inc. <VUSA.O>, increased its price range to $20-22 per share from an originally-planned $15-17.
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