CyberCash Inc, Reston, Virginia developer of software for financial transactions over the Internet, got its initial public offering away at $17 a share, at the top end of its $15 to $17 target range – and immediately saw the shares jump $11.75 to $28.75. The company says its CyberCash Wallet software will offer individuals and businesses access to credit card, electronic cheque and electronic coin services, which are designed to be the Internet counterparts to credit cards, cheque and low denomination cash payments. After the offering, VeriFone Inc has 10.1% of the equity, Intel Corp has 5.7% and Cisco Systems Inc 6.8%. Softbank Corp says it plans to buy 976,540 shares, a 9.9% stake, in CyberCash. Underwriters were Hambrecht & Quist LLC and Robertson Stephens & Co LP.
TruVision Wireless Inc of Jackson, Mississippi has filed with the US Securities & Exchange Commission to go public with an initial offer of an unspecified number of shares. The cellular television – or so-called wireless cable – operator plans to raise a target $30m to repay debt, acquire channel rights, pay the cash part of a pending acquisition, pay accrued preferred stock dividends and finance its market expansion. The underwriters for the issue will be Alex Brown & Sons Inc and Prudential Securities Inc.
