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NetBenefit Has Successful Flotation

Internet services company NetBenefit had a successful flotation Thursday on the London Stock Market, with shares priced at 200p, valuing the company at £25 million (US$39.9 million). One of the five registrars currently able to register .com, .net and .org domain names in addition to Network Solutions, NetBenefit provides Internet connectivity, registers domain names, and provides web hosting services.

"We see great opportunity for NetBenefit in the creation, protection and management of brand identities on the Internet on behalf of, and in partnership with, client companies," said Stewart Binnie, chairman of NetBenefit.

"The placing will allow us to continue to establish the infrastructure and relationships to take advantage of what we believe to be a sizeable market opportunity."

The proceeds will be used to fund a sales and marketing drive.

NetBenefit hosts 3,500 Web sites for its domain name clients, charging a monthly fee for the service. The flotation placed 3,352,900 ordinary shares at an issue price of 200p. However, the real test will come on June 4 when trading begins.