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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: unclewest who wrote (14554)	5/13/1999 11:13:00 AM
From: snerd	Read Replies (1) \| Respond to of 56535

Trade... out of VMRX @ 2 7/16 On another subject: NetRadio Corp. plans to offer 3.3 mln IPO shares (Reuters 05/13 10:07:07) WASHINGTON, May 13 (Reuters) - Online broadcasting company NetRadio Corp. plans to offer 3.333 million common shares, or about 34 percent, in an initial public offering, according to a Securities and Exchange Commission filing Thursday. The shares are expected to trade in the range of $11 to $13, meaning the offering could be worth about $40 million, roughly the same amount the company had hoped to raise when it first filed its IPO with the SEC in early March. The shares are expected to trade on Nasdaq under the symbol <NETR.O>, said NetRadio, a unit of Navarre Corp. <NAVR.O>, a distributor of home entertainment products, including prerecorded tapes, compact discs and CD-ROM software. Minneapolis-based NetRadio, with 120 music and news audio channels, said it plans to use net proceeds from the offering for working capital and other corporate purposes, including advertising and capital expenditures. If there is heavy interest in the IPO, NetRadio has granted the underwriter, Everen Securities, an option to buy 499,950 more shares. The company said it has alliances with major record labels, AT&T Corp. <T.N> and cable Internet services providers, as well as product agreements with Navarre and Valley Media Inc. <VMIX.O>, another music distributor. After the offering, Navarre and ValueVision International Inc. <VVTV.O>, an Eden Prairie, Minn., television home shopping network company, will together beneficially own 66 percent of NetRadio's outstanding common stock, the SEC filing said. ((Peter Ramjug, 202-898-8399)) REUTERS Snerd