The initial public offering of 23,456 ordinary shares of DoubleClick Japan’s Stock was priced at 150,000 yen per share, or approximately $1,236. Total outstanding shares are 200,000.
Nikko Salomon Smith Barney Limited acted as the sole lead underwriter for this offering, and Daiwa Securities SMBC Co., Ltd. Merrill Lynch Japan Securities Co., Ltd., Shinko Securities Co., Ltd., Tokyo-Mitsubishi Securities Co., Ltd., Mizuho Securities Co., Ltd., Sanwa Securities Co., Ltd., MONEX, Inc., WIT Capital Securities Co., Ltd., Okasan Securities Co., Ltd., and Cosmo Securities Co., Ltd. acted as the co-underwriters.
As a result of the offering, DoubleClick Inc.’s ownership of DoubleClick Japan will be reduced from approximately 43.2% to 38.2% of the outstanding common shares. With this offering, DoubleClick Japan will receive proceeds of $27 million, net of underwriting fees and expenses.
According to Dentsu, the Internet advertising market in Japan grew 144% last year to 59 billion yen, or $485 million. DoubleClick Japan has offices in Tokyo and Osaka and employees 94 people. The company has already signed over 70 TechSolutions customers, and operates a unique ad network which includes 93 Japanese web sites such as ISIZE, Lycos Japan, Snoopy Japan, Disney Japan and Bloomberg Japan. Furthermore, DoubleClick Japan brokers 5 million opt-in email names on behalf of 15 companies, boasting one of the broadest offerings in Japan.
