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Technology / AI and automation


Online community company has become the latest to file for an initial public offering of common stock. Santa Monica, California-based rival GeoCities Inc filed documents with the Securities and Exchange Commission on June 15 for a $72m IPO. TheGlobe’s ambitions are slightly more modest: it aims to raise only $50m. The company last scouted for cash in 1997, persuading noted private investors Michael Alamo Rent-a-car Egan, Bob Raychem Halperin and Dave Peoplesoft Duffield to cough up $20m that time around. Headquartered in New York, TheGlobe claims it has 6 million unique users and 1.7 million members signed for its web publishing, chat and email services. Bear Stearns & Co is the lead underwriter, with Volpe Brown Whelan & Co to co-manage the float. With hindsight it’s clear that TheGlobe has been gearing itself for this announcement for some time. It recently appointed a new chief financial officer, Frank Joyce, former CFO of the Reed Travel Group division of Reed Elsevier Plc.

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CBR Staff Writer

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