graphic
News > Companies
AOL Latin raises $200M
August 7, 2000: 5:30 p.m. ET

IPO prices at bottom of range; Active Power prices above; AvantGo sets range
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - American Online Latin America Inc. raised $200 million Monday after pricing its much anticipated deal at the bottom of its expected price range.

AOL Latin America priced 25 million shares at $8 each through underwriters led by Salomon Smith Barney and Donaldson Lufkin & Jenrette.

The Fort Lauderdale, Fla.-based company cut the deal's price range last Tuesday to 25 million shares at $8 to $10 each, down from the originally planned $15-to-$17 a share.

The company, a joint venture between AOL (AOL: Research, Estimates) and the Cisneros Group formed in December 1998, has faced a rocky road to its initial public offering. The Latin American Internet service provider is facing higher-than-anticipated subscriber cancellations in Brazil, mainly due to free services offered by rivals.

AOL Latin America competes against companies such as El Sitio (LCTO: Research, Estimates), StarMedia Network Inc. (STRM: Research, Estimates) and Terra Networks S.A. (TRRA: Research, Estimates)

In November 1999, AOL Latin America launched its portal in Brazil, followed up in Mexico in July and expects to launch in Argentina in the third calendar quarter of this year. AOL Latin America has racked up about 129,000 customers in Brazil. The company will trade under the symbol AOLA.

AOL plans to merge with Time Warner, parent company of CNNfn.com.

Powering up


Active Power Inc. sold 8 million shares at $17 each, above its anticipated range, via underwriters led by Goldman Sachs. The company boosted the range of its deal to $14-to-$16 on Monday, up from the originally planned $11-to-$13 a share range.

The Austin, Texas-based Active Power offers electrical power products --such as flywheel energy storage systems -- that it says are cheaper and more reliable than lead-acid batteries currently used. Active Power will trade under ACPW.

Advanced Power Technology raised $52.5 million after pricing 3.5 million shares at $15 each, the top of the range, through underwriters led by Stephens Inc. Price talk was for 3.5 million shares at $13 to $15 a share.

Bend, Ore.-based Advanced Power Technology makes high-performance power semiconductors for customers such as Advanced Energy Industries (AEIS: Research, Estimates), Power-One and Siemens. The company will trade under APTI.

Medicines Co. Inc. priced its deal, raising $96 million. The company priced 6 million shares at $16 each, at the top of the range, via underwriters led by JP Morgan. Medicines Co. had planned to offer 5 million shares at $14 to $16 each.

Cambridge, Mass.-based Medicines Co. develops and commercializes biopharmaceutical products in late stages of developments. The company has received conditional approval from the Food & Drug Administration to use its first product, Angiomax, to treat patients with unstable angina undergoing coronary balloon angioplasty. Medicines plans to trade under MDCO.

At the low end


Mind C.T.I. Ltd. priced 3 million shares at $10 each, the bottom of the range, via underwriters Lehman Brothers. The company had planned on offering 4.2 million shares at $10 to $12 each. 

Yognean, Israel-based Mind C.T.I. develops billing and customer care software for voice over the Internet service providers. Mind C.T.I. will trade under MNDO.

In another Lehman Brothers-led deal, Pemstar Inc. raised $92.4 million after pricing 8.4 million shares at $11 each, the bottom of its $11 to $13 anticipated range. Pemstar provides electronics manufacturing services to original equipment manufacturers and plans to trade under PMTR.

Telecommunications Systems Inc. was also expected to price Monday.

AvantGo sets offering


AvantGo Inc., a maker of software that allows handheld wireless devices to access the Internet and e-mail, on Monday announced a projected range of $9 to $11 a share for its initial public offering of 5.5 million shares of common stock.

The San Mateo, Calif. company expects to raise $49.7 million in net proceeds which will be used for sales and marketing, general and administrative activities and product development as well as possible acquisitions, according to an amended prospectus filed with the Securities and Exchange Commission.

The deal is being led by Credit Suisse First Boston. The company is expected to trade its shares on Nasdaq under the symbol AVGO. Back to top

  RELATED STORIES

IPO pack continues to expand - Aug. 6, 2000





graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.