Wit Capital Group Inc, the internet investment bank and securities firm that handles online IPOs, has detailed plans for an initial public offering of its own. The company said Tuesday in an amended filing with the Securities and Exchange Commission that it will offer up to 7.6 million shares – representing a roughly 10.9% stake – at a price of $7 to $9 each. In the middle of that range, New-York-based Wit would raise $60.8m before expenses and have a market capitalization of about $560m based on 70 million shares outstanding.
The shares will trade on Nasdaq under the symbol WITC. The underwriters for the sale will be Bear Stearns & Co Inc, Thomas Weisel Partners LLC and Wit itself as e-manager. An over- allotment option of up to 1.14 million shares has also been granted. Wit said net proceeds from the sale will be used to expand its investment banking and research staff and its sales and marketing capabilities, in addition to other general corporate purposes.
