24/7 Media is Latest Internet IPO
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Online advertising firm 24/7 Media, Inc. will enter what's been an unsettled stock market this week with an initial public offering of its common stock today.
The company said it plans to sell 3,250,000 shares at $14 per share.
The managing underwriting group is led by Merrill Lynch & Co., while J.P. Morgan & Co. and Allen & Company Inc. are co-managers of the offering.
24/7 Media (NASDAQ:TFSM) is an Internet advertising firm that sells advertising and promotions for Web sites. It operates the 24/7 Network, CLIQNOW!, and the ContentZone network of Web sites, with a reported client base of over 2,200.
Earlier this week leading community Web site GeoCities (NASDAQ:GCTY) also braved the Wall Street waters and defied the market on its first day of trading. The company's shares opened on Tuesday at $30 before heading to a $36 high on a day when the Dow was down 200 points and NASDAQ was down more than 50 points.
24/7 Media will be hoping for a similar warm reception today as it cashes up to compete with the already public DoubleClick (NASDAQ:DCLK) and privately-held Link Exchange.
For a full analysis of 24/7 Media's IPO, check InternetNews.com's Internet Stock Report for more.