RealTime IT News

First Virtual Corp. Files for IPO

First Virtual Corporation announced today it filed with the Securities and Exchange Commission for an initial public offering of 2,400,000 shares of Common Stock with an estimated price range of $12 to $14 per share.

The Santa Clara, CA-based company said it will offer 2,220,000 shares, with 180,000 shares being offered by selling stockholders.

First Virtual also granted the underwriters an option to purchase an additional 360,000 shares to cover over-allotments.

The underwriting group is being managed by BancAmerica Robertson Stephens, Bear, Stearns & Co. Inc., and Hambrecht & Quist.

First Virtual Corporation is a developer of Internet video networking solutions for the Next Generation Internet ("NGI") that are designed to integrate video with voice and data using existing network infrastructures.