SANTA CLARA, Calif. -Autoweb.com, an automotive Internet service, went public March 22, offering 5 million shares of stock. The stock priced at $14, well above the company’s $10 to $12 filing range.
The offering, underwritten by Credit Suisse First Boston, Hambrecht & Quist, BancBoston Robertson Stephens Inc. and U.S. Bancorp Piper Jaffray Inc., left 23 million shares outstanding.
Venture investors include Geocapital IV and Technology Crossover Ventures. Selling stockholders sold 100,000 shares in total.
Proceeds from the offering, estimated at $63 million, will be used for general corporate purposes.
Autoweb was first incorporated in October 1995 and reincorporated in March 1999. The site offers assistance to customers researching, evaluating and buying new and pre-owned vehicles.
Mark Diker, general partner of Geocapital Partners, and Jay Hoag, general partner of Technology Crossover Ventures, have been directors since June 1997 and May 1998, respectively.
autoweb.com – Selected Financial
(in thousands, except per share data)
Year Ended December 31,
Date of Incorporation
(October 3, 1995)
to December 31, 1995 1996 1997 1998
Net revenue 26 307 3,492 13,041
Net loss -94 -845 -2,920 -11,484
Net loss share: Basic and diluted -0.01 -0.11 -0.41 -1.58