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Internet Capital Group Files for $210 Mln Initial Offering Bloomberg News May 11, 1999, 6:24 a.m. PT Internet Capital Group Files for $210 Mln Initial Offering Washington, May 11 (Bloomberg) -- Internet Capital Group LLC, formed by Safeguard Scientifics Inc. to invest in Internet companies that focus on electronic commerce between business customers, will seek to raise as much as $210 million through an initial public offering. The investment company, based in Wayne, Pennsylvania, filed with the U.S. Securities and Exchange Commission to sell common shares. In addition to Safeguard Scientifics, Internet Capital's founding shareholders include subsidiaries of Comcast Corp. and Compaq Computer Corp. Internet Capital is similar to a venture capital firm, because it holds stakes in 29 business-to-business online commerce companies, according to the most recent figures available. Among its holdings is VerticalNet Inc., which runs Web sites with information and commerce for specific industries. As of last July, there were four or five venture capital firms in the U.S. that specialized in the online industry, according to Fred Wilson of Flatiron Partners LLC, an Internet venture capital firm. Only one, CMGI Inc., which was then known as CMG Information Services, was publicly traded at the time,Wilson said. CMGI has a current market value of about $11.1 billion. Internet Capital's filing didn't disclose the number of shares it hopes to sell or the price it expects to get. Those details will be disclosed in a subsequent filing. As part of its strategy, Internet Capital has created a network that lets companies in its portfolio share knowledge and innovations. The goal of this ''flexible specialization network'' is to create more up-to-date products or services at a faster rate and lower cost than rivals. Walter Buckley, the president and chief executive of Internet Capital, said last July that there were important differences between his company and a traditional venture capital firm. Internet Capital is an operating company rather than a fund, and holds its stakes in start-ups much longer than traditional venture capital firms do, Buckley said. Internet Capital will use the proceeds from the IPO to repay debt, make acquisitions, and provide working capital, according to a registration statement filed with the SEC. Lead Underwriter -Merrill Lynch &Co Nasdaq - ICGE. | ||||||||||||||
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