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PlanetRx.com files for $69 mln IPO
WASHINGTON, July 8 (Reuters) - PlanetRx.com Inc., an online destination for prescription drugs, vitamins, herbs and medical supplies, said Thursday it planned to raise $69 million through an initial public offering of common stock.
The San Francisco-based company did not disclose the number of shares in the IPO or provide an estimated price range for them in its preliminary Securities and Exchange Commission filing.
But it has applied to have the shares traded on Nasdaq under the symbol (Nasdaq:PLRX - news).
The company, which prior to the March 18 launch of its web site did dot generate any net revenue, is expected to release details of the IPO in subsequent regulatory filings.
PlanetRx.com, which has marketing relationshsips with companies like America Online Inc. (NYSE:AOL - news) and Yahoo! Inc. (Nasdaq:YHOO - news), said it will use the net proceeds for general corporate purposes, mainly working capital and capital expenditures.
The IPO's underwriters are Goldman Sachs, BancBoston Robertson Stephens, Hambrecht & Quist and William Blair & Co.
PlanetRx.com's chairman and chief executive is William Razzouk, who was formerly president and chief operating officer at both Storage USA Inc. (NYSE:SUS - news), the real estate investment trust, and AOL, the big Internet services company.(Courtesy:Reuters via Yahoo)
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