CAMBRIDGE, Mass. – C-bridge Internet Solutions Inc., a provider of Internet expertise, went public December 17, offering 4 million shares at $16 apiece. The company’s stock priced well above its $12 to $14 filing range.
Underwritten by Robertson Stephens International, SG Cowen and SoundView Technology Group, the initial public offering left 17.3 million shares outstanding.
There were no selling shareholders. Venture backers included Oracle Corp. and InSight Capital Partners.
C-bridge provides companies with internal and external expertise in conducting business over the Web and provides clients with Internet opportunity analysis, technology development and training.
The company plans to use the expected $58.5 million generated from the initial public offering for general corporate purposes, working capital and possible acquisitions. Additionally, C-bridge plans to use the capital to access public equity markets and to increase the company’s visibility and credibility in a marketplace in which competitors are, or might become, public companies.
C-bridge has never been profitable, losing $1.2 million in 1997 and $3.9 million in 1998.
Raymond Lane, president and chief operating officer at Oracle, joined the company’s board of directors in October 1999.
C-bridge Internet Solutions – Selected Financial
(in thousands, except per share data)
October 31, 1996 (inception) Year Ended December 31 Nine Months Ended September 30
to December 31, 1996 1997 1998 1998 1999
Total revenue 3,169 5,047 3,208 13,838
Net loss -193 -1,215 -3,869 -3,421 -2,931
Net loss per share -0.02 -0.12 -0.39 -0.35 -0.27