MarketWatch.com Debuts in Trading After Hot IPO
<i> Bloomberg News</i>
After several days of profit-taking in the Internet stock sector, today’s trading debut of MarketWatch.com Inc. promises to be closely watched. The San Francisco company, which operates a popular financial news Web site, raised $46.8 million in an initial stock sale Thursday that tapped investor interest in financial news and in the Net.
The company sold 2.75 million shares, a 23% stake, at $17 each. That was $1 above the top of the $14-to-$16 expected range, which was raised from $10-to-$12 on Wednesday by underwriters BT Alex. Brown and Donaldson, Lufkin & Jenrette Securities.
The sale gave MarketWatch.com a market capitalization of $200 million. The shares will begin trading today on Nasdaq under the ticker symbol MKTW.
