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MP3.com ups IPO target
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July 20, 1999: 12:29 p.m. ET
New $24-$26 range values online music company at up to $1.73B
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NEW YORK (CNNfn) - MP3.com Tuesday raised its initial public offering price for the second time this month, indicating interest in the online music provider continues to soar.
The company, slated to go public later this week, now expects to price its offering of 12.3 million shares within a range of $24 to $26, the company said in a filing with the U.S. Securities and Exchange Commission.
That range values the Internet company at a high of $1.73 billion, given the 66.6 million shares MP3.com will have outstanding following the offering.
Earlier this month, MP3.com raised its range to $16 to $18, nearly doubling its original target price of $9 to $11.
The company's Web site, which allows customers to listen to and download music, contains more than 100,000 songs from more than 18,000 artists and receives more than 6 million visitors a month.
Of the 12.3 million shares up for sale later this week, the company has already offered 3.3 million shares -- or roughly a 5 percent equity stake -- to Arkaro Holding B.V., a subsidiary of Group Arnault. An additional 1.85 million shares have been reserved for the artists and customers of MP3.com.
Cable operator Cox Enterprises Inc. announced last month that its interactive unit had taken a $45 million stake in MP3.com to create and operate a network of music-related Web sites.
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