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Technology / AI and automation

E*TRADE RAISES $167M IN SECONDARY OFFERING

E*Trade Group Inc, the Palo Alto company that offers stock trading over the web, has got its secondary offering of 8.1 million shares, 6.1 million of them new, away at $27.50 per share. That raises some $167.8m for the company before expenses, and $55.0m for the existing shareholders selling 2 million shares. The offer was underwritten by Robertson Stephens & Co LLC, Hambrecht & Quist LLC, Deutsche Morgan Grenfell, Montgomery Securities and the company’s very own E-Trade Securities unit. E*Trade did its initial public offering a year ago this week.

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CBR Staff Writer

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