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Coach raises $118M
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October 4, 2000: 8:27 p.m. ET
Asia Global Crossing waits to debut; New Power Company raises $504M
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NEW YORK (CNNfn) - The initial public offering market was active Wednesday night, with the biggest name pricing shares and the largest deal delaying another day.
Leather product company Coach Inc. raised $118.08 million by selling 7.38 million shares at $16 a share, the high end of its price range of $14-to-$16.
But Asia Global Crossing Ltd. ("AGCX"), the pan-Asia telecommunications carrier that expects to partner with GlobalCenter, a specialist in hosting Internet site infrastructure and managing e-commerce, decided to wait another day after drastically reducing its offering Tuesday night from $993 million to about $530 million.
Coach is being spun off by food and apparel company Sara Lee Corp. (SLE: Research, Estimates), and analysts said the profitable company is a good "old economy" IPO which should see solid gains, though not the runs tech stocks continue to see.
Coach, led by top-tier underwriter Goldman Sachs, plans to trade under the symbol "COH."
The New Power Company raised $504 million, pricing 24 million shares at $21 a share, above its previously stated range of $18-to-$20.
TNPC plans to sell electricity and natural gas over the Internet, below market prices.
Read CNNfn.com's IPO Focus story on New Power
The Greenwich, Conn.-based company will trade as "NPW" and the deal is co-managed by Donaldson Lufkin & Jenrette and Credit Suisse First Boston.
Biotech company Kosan Biosciences raised $70 million by selling 5 million shares at $14, the bottom of a price range of $14-to-$16.
Hayward, Calif.-based Kosan, "KOSN," which lost roughly $4.4 million last year, focuses on creating pharmaceutical products out of organic materials called polykeptides. Lehman Brothers is serving as the deal's lead underwriter. 
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