March 26, 1999 6:25 PM PST

Priceline IPO price raised again

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Facing increased investor demand, travel auction site Priceline.com today raised its pricing range.

Priceline.com raised its range to 12 to 14 a share, up from its initial range of 7 to 9 a share.

The company, which auctions off airline tickets and hotel rooms, expects to raise up to $140 million based on the 10 million shares to be floated out.

As company prepares for the public markets, it has become the latest Internet firm to see strong demand for its offering.

Women's site iVillage nearly doubled its pricing range before launching its IPO last week. iVillage shares, which priced at 24, soared to a close of 80.13 at the end of its first trading day.

And Autobytel today roared out of the starting gate, closing at 40.25, nearly doubling from its initial price of 23 a share.

Priceline plans to trade under the ticker "PCLN" and is being underwritten by Morgan Stanley Dean Witter, BancBoston Robertson Stephens, Donaldson, Lufkin & Jenrette and Merrill Lynch.

Priceline posted revenues of 35.2 million at the end of last year, and a loss of $112.2 million.

The company expects to set its target price as early as next week.

 

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