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MP3.com raises offering
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July 12, 1999: 12:57 p.m. ET
Digital music distributor increases size, estimated price of IPO
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NEW YORK (CNNfn) - Online music distributor MP3.com Monday raised the size and estimated offering price of its much-anticipated initial public stock offering.
The San Diego-based firm will offer 12.3 million shares, up from 9 million, at an estimated price of $16 to $18 per share, up from a range of $9 to $11 a share.
If MP3.com's IPO prices at the high end of the scale, the company will raise $221.4 million in the offering, which is scheduled to take place later this week.
The company collects and distributes free music recordings in the MP3 compression format, which provides near-CD-quality audio in files small enough for computer downloads.
MP3.com, which garners 89 percent of its revenue from advertising, will use proceeds from the IPO for marketing and promotional activities, concert sponsorships and general corporate purposes.
MP3.com is the latest entry into what is shaping up to be a crowded field of publicly traded digital music companies. Last week, shares of Liquid Audio (LQID), which offers an alternative to the popular MP3 format, shot up 144 percent in its first day of trading.
Also last week, musicmaker.com (HITS) rose 71 percent in its market debut.
MP3.com will trade on the Nasdaq stock market under the symbol MPPP.
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MP3.com
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