Broadcast.com Inc. made a dazzling debut Friday in its initial public offering, rocketing up 45 3/4 from its opening price of 18 to 63 3/4. When it finally hit the trading floor, it was priced at 68.
Broadcast.com's 2.5 million shares hit the market at $18, up from the raised range of $12 to $14 just a few days ago.
The company offers streamed broadcasts of sports, talk and music radio, television, business events, full-length CDs, news, commentary and full-length audio books. Broadcast.com (Nasdaq: BCST) sells advertising both on its Web site and in the broadcasts.
Broadcast.com, formerly known as AudioNet, also provides Internet and intranet broadcasting services to businesses and other organizations, including turnkey production of live and archived press conferences, earnings conference calls, investor conferences, and other events.
According to Securities and Exchange Commission filings, the company lost $6.47 million in 97, and $2.7 million for the quarter ending March 31. Since inception has a deficit of $12.5 million.
Broadcast.com had $6.85 million in revenue for 1997. In the three months ending March 31, revenue was $3.1 million.
In its latest quarter Broadcast.com derived 35 percent of its sales from broadcasting business' conference calls, educational or other corporate programming. Web advertising accounts for 41 percent of sales with radio spots contributing 16 percent.
The underwriters for the offering are Morgan Stanley & Co. Inc., Donaldson, Lufkin & Jenrette Securities Corp. and Hambrecht & Quist LLC.