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drugstore.com in healthy debut
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July 28, 1999: 1:55 p.m. ET
Shares of online pharmacist soar on first day of public trading
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NEW YORK (CNNfn) - drugstore.com made a healthy debut in the public marketplace Wednesday as shares of the online pharmacist rose dramatically in their first day of trade.
The Bellevue, Wash.-based company priced its initial public offering of 5 million shares at $18 a share Tuesday and then watched as that price shot up as high as $69 before coming down slightly to $54.25 in early afternoon trading.
drugstore.com is one several Internet companies going public this week as the rejuvenated sector explodes with new offerings.
Only four of the two dozen confirmed companies going public this week are not directly in the Internet, networking or computer-services businesses.
The drugstore.com IPO is being managed by Morgan Stanley Dean Witter, Donaldson, Lufkin & Jenrette and Thomas Weisel Partners LLC.
drugstore.com opened for business at the end of February as an online retail store and information site for health, beauty, wellness, personal care and pharmacy products.
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