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Bookseller IPO gets $5 boost
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May 24, 1999: 8:04 p.m. ET
Barnesandnoble.com slated to hit Wall Street at $18 a share
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NEW YORK (CNNfn) - Buoyed by strong demand for Internet issues, Barnesandnoble.com priced its initial public offering late Monday at $18 a share.
The offering, which was priced at the top of an already upwardly-revised range of $16 to $18 a share, will raise $450 million for the company as it squares off with its archrival Amazon.com (AMZN).
The Web site, jointly operated by bookseller Barnes & Noble (BKS) and German publishing company Bertelsmann AG, had originally set its IPO price at $11 to $13 earlier this month but it raised the price amid strong demand for Internet firms.
Proceeds of the offering will be used to expand the e-commerce business through new systems and distribution initiatives, as well as acquisitions and general corporate purposes. Leonard Riggio, Barnes & Noble's chairman, will also serve as chairman of barnesandnoble.com.
The offering will be managed by a syndicate led by Goldman Sachs and Merrill Lynch (MER). The stock will trade on the Nasdaq with the symbol BNBN.
Barnes & Noble shares closed at 31-3/4 Monday, down 3-1/8. 
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