NEW YORK (CNNfn) - Shares of Internet advertising company DoubleClick Inc. shot up almost $13, or about 75 percent, on their first day of trading as investors proved they were willing to take a chance on another unproven Internet stock.
Goldman Sachs & Co., BT Alex. Brown Inc. and Cowen & Co. managed the offering of 3.5 million shares initially priced at $17.
DoubleClick (DCLK) shares closed up 9-3/4 at 26-3/4.
The company plans to use proceeds for working capital, to expand international operations and for sales and marketing expenses
DoubleClick, which places banner ads on Web sites, provides companies with information on how many site visitors are viewing their ads.
They do so by measuring the number of users that actually click on a banner to go on to the advertiser's Web page. DoubleClick pioneered the measuring of "click-throughs" on Web sites that is still the standard for measuring the effectiveness of Web advertising.
As with many Internet-related IPOs, DoubleClick has yet to turn a profit. The company reported a net loss of $8.4 million on revenue of $30.6 million in 1997. That compares with a loss of $3.2 million on revenue of $6.4 million in 1996.