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Markets > IPOs
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Netflix IPO raises $82.5M
Online entertainment subscription service sells 5.5M shares at $15 each via Merrill.
May 22, 2002: 7:13 PM EDT

NEW YORK (CNN/Money) - Netflix Inc., which allows subscribers to receive DVDs by mail, raised $82.5 million late Wednesday ahead of its initial public offering.

Netflix sold 5.5 million shares at $15 each, the high end of its $13 to $15 range, via Merrill Lynch.

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Los Gatos, Calif.-based Netflix is the largest online entertainment subscription service in the United States. The company's 600,000 subscribers can order as many DVDS as they want through the company's Web site. They receive them by mail with no due dates, late fees or shipping charges. Netflix has a library of more than 11,500 movie, television and other filmed entertainment titles.

Netflix will trade Thursday under the Nasdaq symbol "NFLX."

Also pricing shares was pharmaceutical company EON Labs, which raised $147 million.

EON has marketed more than 90 generic pharmaceutical products, including drugs to treat obsessive-compulsive disorder, arthritis, cancer and depression.

The company priced 9.8 million shares at $15 per share through lead underwriters Credit Suisse First Boston and Goldman Sachs. That was right in the middle of the company's expected range.

Forty percent of the company's sales come from drug wholesalers, while pharmacy chains account for 30 percent. EON's top customers include McKesson Corp., AmerisourceBergen Corp., and Cardinal Health Inc.

The company plans to trade under "ELAB" on the Nasdaq.

Altiris Inc., which makes software for information technology management, raised $50 million selling 5 million shares at $10 per share, the bottom of its range. Credit Suisse First Boston led this deal as well.

Altiris will trade as "ATRS" on the Nasdaq.  Top of page






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