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MP3.com sets IPO
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June 22, 1999: 11:31 a.m. ET
Online music distributor to raise as much as $99M in public offering
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NEW YORK (CNNfn) - Online music distributor MP3.com Inc. will offer 9 million shares in an initial public offering, according to a regulatory filing disclosed Tuesday.
The San Diego-based firm estimated an offering price of $9 to $11 per share, meaning MP3.com could raise as much as $99 million in the IPO.
MP3.com collects and distributes free music recordings in the MP3 compression format, which provides near-CD-quality audio in files small enough for computer downloads.
The format has been the center of controversy in the recording industry, which fears widespread piracy and lost profits because MP3 doesn't include built-in security measures. Recording artists, however, are increasingly embracing the format, leading such popular Web sites as Amazon.com Inc. (AMZN) to offer free MP3 downloads of popular artists.
MP3.com, which garners 89 percent of its revenue from advertising, will use proceeds from the IPO for marketing and promotional activities and general corporate purposes.
The company will trade on the Nasdaq market under the symbol MPPP. 
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MP3.com
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