Internet Capital Plans To Sell Shares To Public
WASHINGTON (Reuters) - Internet Capital Group Inc., a holding company which
manages and operates a network of e-commerce companies, said Tuesday it
plans to raise about $210 million with an initial public offering of its common
stock.
Internet Capital, based in Wayne, Pa., did not disclose the number of shares in the offering nor provide
an estimated price range for them in its preliminary filing with the Securities and Exchange
Commission.
The company, whose shareholders include Comcast Corp. (Nasdaq:CMCSA - news), Compaq
Computer Corp. (NYSE:CPQ - news) and General Electric Co.'s Capital Corp., has applied to trade the
stock on Nasdaq under the symbol ''ICGE.''
Internet Capital focuses on two types of business-to-business, or B2B, e-commerce companies which it
calls market makers and infrastructure service providers.
The former brings buyers and sellers together by creating online markets to exchange goods, services
and information, while the latter sells software and services to e-commerce companies. As of April 30,
the company owned interests in 29 B2B e-commerce companies.
The underwriters for its public offering are Merrill Lynch, BancBoston Robertson Stephens, BT Alex.
Brown, NationsBanc Montgomery Securities and Wit Capital.
Net proceeds will be used to repay outstanding debt and for acquisitions and working capital, the filing
said.
For the year ended December 31, 1998, Internet Capital realized net income of $13.9 million, mainly due
to $34.4 million of non-operating income from the sale of some minority interests.
In the same year, net operating losses reached $19.6 million.
Before that, operating losses totaled $6.7 million in 1997 and $2.2 million in 1996, and the company
said it expects to continue to incur operating losses for the foreseeable future.
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