Name-Your-Price Service Expands to Hotels, Files IPO
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Priceline.com, the patented name-your-price e-commerce system, Wednesday filed for an initial public offering to raise $115 million.
Planning to be listed on the Nasdaq as "PRLN," the company has not yet released a price per share for its stock. Underwriting the IPO will be Morgan Stanley Dean Witter, BancBoston Robertson Stephens, Donaldson Lufkin & Jenrette and Merrill Lynch & Co.
The company recently began offering hotel accommodations in more than 200 cities in 24 states. Travelers start by selecting the city they want to visit and the dates of their trip. They then choose the area of the city they want to stay in and pick the quality star level of hotel they want (one- to five-star). Last, they name the price they want to pay per night for a room and Priceline.com works to find a suitable match.
Priceline.com also offers name-your-own airline tickets and auto services.