graphic
Markets & Stocks
Conoco boosts IPO
October 21, 1998: 6:06 p.m. ET

Oil refiner makes its record stock offering even bigger despite dry IPO market
graphic
graphic graphic
graphic
NEW YORK (CNNfn) -Energy firm Conoco Inc. on Wednesday increased the size of its record-setting initial public offering to raise up to $4.4 billion.
     Conoco, which is being spun off from the chemicals giant DuPont Co., raised the number of shares it is offering to 191.456 million from the 150 million first planned, reflecting strong demand for the offering.
     After the market closed Wednesday, Conoco shares were priced at $23, at the top of the $20 to $24 range initially announced by the company.
     With the IPO price set, the offering is set to raise nearly $1 billion more than the $3.5 billion originally sought.
     That would make it the largest initial public offering in Wall Street history. Morgan Stanley Dean Witter is the lead underwriter.
     The expanded offering comes amid an overwhelmingly dried-up market for IPOs that has resulted from recent stock market turbulence. A rocky market atmosphere can hurt the buying of a new issue.
     Fund managers who follow initial offerings anticipate a good reception for the deal when share trading begins Thursday, partly as a result of the 3 to 4 percent dividend yield for the stock.
     "It's what is giving the deal its stability," said Ben Holmes, analyst at data company IPO Pros.
     Shares of DuPont (DD) closed down by 2-3/16 Wednesday to 62.
     Early Thursday, the IPO for Japan's NTT Mobile Communications Network in Tokyo is expected to become the largest offering in the world, raising some $18.6 billion. Back to top
     -- from staff and wire reports
    

  RELATED STORIES

IPOs seek star quality - Oct. 19, 1998

DuPont sets Conoco IPO - Sept. 28, 1998

  RELATED SITES

View the latest market update via Netshow

See how your mutual funds are doing

Learn online trading in Final Bell

Need investing advice? Try Quicken.com on fn

Investment advice from Zacks Investment Research


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.