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AltaVista files for IPO
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December 17, 1999: 5:33 p.m. ET
Web portal to raise up to $300M in initial public offering; to trade on Nasdaq
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NEW YORK (CNNfn) - AltaVista filed for an initial public offering Friday that could raise as much as $300 million for the Web portal.
The Palo Alto, Calif.-based company plans to trade on the Nasdaq stock market under the symbol ALTA. AltaVista disclosed its Securities and Exchange Commission filing after markets closed.
Internet investment firm CMGI (CMGI) acquired 83 percent of the firm from Compaq Computer Corp. (CPQ) for $2.3 billion in June.
In its most recent quarter, AltaVista lost $267.7 million on $52.6 million in revenue. The company launched a free Internet service in August in an effort to boost e-commerce revenue.
AltaVista, according to its SEC filing, will use the proceeds raised in the IPO for advertising and potential acquisitions.
Morgan Stanley Dean Witter will act as lead underwriter for the offering.
CMGI acquires or invests in Internet firms with the goal of taking them public. Earlier Friday, CMGI Chief Executive Officer David Wetherell said the company was considering an IPO for its @Ventures affiliate.
CMGI shares dropped 9-3/4 to close at 211-13/16 on the Nasdaq stock market. Its shares jumped 6-3/16 to 218 in after-hours trading after AltaVista released its IPO filing. 
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AltaVista
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