GeoCities, 24/7 Media Plan IPOs This Week
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GeoCities, 24/7 Media and other issuers are sticking to plans for initial stock sales this week, following several days of market volatility that caused at least a dozen companies to postpone initial public offerings, according to Bloomberg News.
GeoCities, a host for advertising-supported Internet "communities," plans to raise $61.8 million today. Ad network 24/7 Media Inc, plans to raise $42.3 million on Wednesday. CitySearch Inc., an operator of online city guides that provide restaurant reviews, plans to raise $48 million next week.
These and 18 other issues scheduled to raise $1.97 billion next week will face an audience of investors grown increasingly cautious following the stock market's wide swings last week, Bloomberg said. The IPO market is "like Missouri, the Show-Me state," said Ted Hatfield, a director at Credit Suisse First Boston Corp. "Any time there's market volatility, (the buying community) tends to retrench and be more selective."