TheStreet.com prices IPO
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April 2, 1999: 2:20 p.m. ET
Online financial news site seeks to raise $71.5M in 5.5M share offering
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NEW YORK (CNNfn) - TheStreet.com Inc., an online financial news service, plans to offer 5.5 million common shares in an initial public offering, according to a Securities and Exchange Commission filing released Friday.
The New York City-based company plans to sell the shares in the $11-to-$13 range. The number of shares offered and the price range weren't disclosed in TheStreet's original IPO filing in February.
The company, which lost $16.3 million, or $1.64 a share pro forma, in 1998, hopes to raise up to $71.5 million in the offering.
The company said it will use the proceeds to develop new products and expand into international markets.
TheStreet.com will trade on the Nasdaq stock market under the symbol TSCM.
Underwriters Goldman Sachs, Hambrecht & Quist and Thomas Weisel Partners have an option to buy up to an additional 741,667 shares from the company, and up to an additional 83,333 shares from Kevin English, the company's chairman, chief executive officer and president.
The company won't receive any of the proceeds from the sale of English's shares.
TheStreet.com also has a bureau in San Francisco. It has 50 journalists and two dozen outside contributors. The site has about 37,000 subscribers, who pay a fee to access most of the contents.
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