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Bookseller IPO gets $5 boost
May 24, 1999: 8:04 p.m. ET slated to hit Wall Street at $18 a share
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NEW YORK (CNNfn) - Buoyed by strong demand for Internet issues, 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 (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
     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. Back to top


Booksellers plan Web IPO - March 18, 1999

Dueling cyberbook sales - May 17, 1999


Barnes & Noble

Merrill Lynch

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