Webvan's splashy stock debut may shake up staid grocery industry
Article Abstract:
The initial public offering of Webvan Group Inc. may cause supermarket chains to take pause and consider a quicker move into Internet retailing. Webvan's shares rose 66% from their opening price of $15, finishing regular trading on the Nasdaq Stock Market at $24.875 apiece. The two-year old company combines Internet grocery shopping with free home delivery. Webvan had a total market value of over $8 billion at the end of the trading day despite that fact that it is expected to achieve sales of only $11.9 million this year. The company had a loss of $35 million in the first half of 1999, and its underwriters project a loss of $302 million in 2001.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
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Softbank strikes gold on the Web
Article Abstract:
Softbank has seen its investments in Internet-related companies rise $12 billion for the year. Softbank shares rose $1 billion in value upon the merger of Yahoo and GeoCities. The company also holds large stakes in E-Loan Inc. and E-Trade Inc. Softbank has increasingly become an important player in dealmaking for high-technology public offerings. Softbank has proven itself willing to invest up to $100 million in a company to help it get started.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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