Ticketmaster Online Raises $98 Million in IPO

Ticketmaster Online-CitySearch Inc., which sells tickets over the Internet and provides online city guides, raised a greater-than-expected $98 million in its first-time stock sale, giving the company a market capitalization of nearly $1 billion. Due to the recent demand for new Internet issues, the Pasadena-based firm priced 7 million shares at $14 each, more than the top of the expected range of $11 to $13 a share, set just hours before the sale by lead underwriter NationsBanc Montgomery Securities. The company originally had expected to sell shares at $8 to $10, raising $63 million in its initial public offering. The pricing gives the company a market capitalization of about $972.8 million. The stock will begin trading publicly today under the ticker symbol TMCS on Nasdaq.