Shares of C-Bridge Internet Solutions Inc. more than doubled in price Friday after the e-commerce professional services firm raised $64 million in its initial public offering - one of the last of the year.
Published:
19 December 1999 y., Sunday
In other IPO news, AltaVista co. which runs a well-known Web portal, filed with to the SEC to go public. C-Bridge shares closed Friday at $40.06 after being offered at $16 a share. The 4 million share IPO represents a 23 percent stake in the company. Shares trade on Nasdaq under the symbol "CBIS," and Robertson Stephens was the lead underwriter.
The Cambridge, Mass.-based firm provides Internet services to help companies conduct businesses online. This sector has been on fire this year, and C-Bridge benefited from the enthusiasm for such companies, which are poised to benefit from the push to use Internet technologies to build a competitive advantage.
Its clients include Chevron Corp., General Motors Corp. and Toyota Motor Corp. Competitors include Agency.com Ltd., Razorfish Inc. and Viant Inc..
For the nine months ended Sept. 30, it posted net revenues of $13.8 million and a net loss of $2.9 million.
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