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News > Technology
Bookseller IPO gets $5 boost
May 24, 1999: 8:04 p.m. ET

Barnesandnoble.com slated to hit Wall Street at $18 a share
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NEW YORK (CNNfn) - Buoyed by strong demand for Internet issues, Barnesandnoble.com priced its initial public offering late Monday at $18 a share.
     The offering, which was priced at the top of an already upwardly-revised range of $16 to $18 a share, will raise $450 million for the company as it squares off with its archrival Amazon.com (AMZN).
     The Web site, jointly operated by bookseller Barnes & Noble (BKS) and German publishing company Bertelsmann AG, had originally set its IPO price at $11 to $13 earlier this month but it raised the price amid strong demand for Internet firms.
     Proceeds of the offering will be used to expand the e-commerce business through new systems and distribution initiatives, as well as acquisitions and general corporate purposes. Leonard Riggio, Barnes & Noble's chairman, will also serve as chairman of barnesandnoble.com.
     The offering will be managed by a syndicate led by Goldman Sachs and Merrill Lynch (MER). The stock will trade on the Nasdaq with the symbol BNBN.
     Barnes & Noble shares closed at 31-3/4 Monday, down 3-1/8. Back to top

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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: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. 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 2018 and/or its affiliates.