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eBay prices offering
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April 13, 1999: 12:03 p.m. ET
Virtual auction house to offer 6.5 million shares worth $1.1 billion
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NEW YORK (CNNfn) - Shares of eBay Inc. jumped in early Tuesday trade after the online auctioneer priced its public offering of 6.5 million shares at $170 a share.
The offering is valued at $1.1 billion. The San Jose, Calif.-based company said it would use the proceeds to promote new product categories and expand its international presence, according to the original registration statement filed in March.
Goldman Sachs & Co. and Morgan Stanley Dean Witter are the lead underwriters for the offering. eBay (EBAY) said it expects to deliver the shares to the underwriters on April 16.
When eBay made its initial public offering last September, the company's stock soared more than 163 percent, jumping to 47-3/8 from an offering price of 18 on its first day of trading.
Last week, the company disclosed in a Securities and Exchange Commission filing that it intends to ask its shareholders to approve a nearly fivefold increase in the amount of authorized shares. eBay said it may use the additional shares to establish "strategic relationships with other companies."
eBay shares were up 6-5/16 at 182-15/16 in morning trade. 
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eBay
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