Healthcare web site operator Medscape Inc priced its initial public offering of 6.6 million shares of common stock at $8 per share, raising $52.8m before expenses. The New York-based company had postponed the IPO in August, citing poor market conditions. It had originally intended to sell 5.4 million shares at $11 to $13 each. CBS Corp, which in July acquired a 35% stake in Medscape for $150m in promotion, has shown an interest in buying 600,000 of the shares, the company said.
The stock will begin trading today on the Nasdaq National Market under the symbol MSCP. Donaldson, Lufkin & Jenrette, Credit Suisse First Boston, Bear, Stearns & Co Inc, Wit Capital Corp and DLJdirect Inc are the managing underwriters for the offering. They have been granted an over-allotment option of up to an additional 900,000 shares.
