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eToys raises IPO target
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May 19, 1999: 12:25 p.m. ET
Online toy retailer to raise up to $166.4 million in public trading debut
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NEW YORK (CNNfn) - Online toy retailer eToys Inc. Wednesday raised the price target for its initial public offering to the $18- to $20-a-share range.
The Santa Monica, Calif.-based company, which had originally set a $10 to $12 offering range, plans to raise as much as $166.4 million in its offering of 8.32 million shares.
eToys, which plans to sell its stock beginning Thursday on the Nasdaq stock exchange under the symbol ETYS, intends to use the proceeds for general business purposes.
Goldman Sachs & Co. (GS), BancBoston Robertson Stephens, Donaldson, Lufkin & Jenrette (DLJ) and Merrill Lynch (MER) are the underwriters for the offering.
The company delayed plans to launch its IPO in April due to its announced merger with BabyCenter Inc., a Web site targeted to new and expecting parents.
eToys reported a loss of $28.6 million, or 35 cents a share on a pro forma basis, for its 1999 fiscal year ended March 31.
The offering is scheduled as competition is increasing in Internet toy retailing. Earlier Wednesday, Continental Stores (CNS) said its KBToys unit is enhancing its Web offering by combining resources with BrainPlay.com.
And Toys "R" Us (TOY) recently announced plans to upgrade its online toy selling site, vowing to become the industry leader by the end of the year.
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