Buy.com readies for Wall Street with a reduced price per share
Buy.com has the green light to begin trading on NASDAQ, but the company is lowering the range of its IPO.
Buy.com, No. 33 in the Internet Retailer Top 400 Guide to Retail Web Sites, expects to sell just over 4.2 million shares at $8 per share, which would raise as much as $33.6 million in new working capital. Earlier Buy.com expected shares of its IPO to be priced between $11 and $13 per share.
The company will use the proceeds to pay down $9 million in debt, increase its sales and marketing activity and build up its infrastructure.
Buy.com Inc. increased its revenues by 16% for the first half of the year, growing to $151.3 million for the period January through June, compared to sales of $130 million for the first six months of 2004.
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