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July 03, 1998|Bloomberg News

* Torrance-based Creative Computers Inc. filed for an initial public offering to spin off its Ubid Inc. subsidiary, which auctions computers, consumer electronics and other products over the Internet. Creative Computers, which sells computers through catalogs, will offer new investors 1.58 million shares of Ubid, keeping an 82% stake after the IPO. Creative Computers intends to spin off the rest to its shareholders next year, according to the registration filed with the Securities and Exchange Commission. Ubid was formed in September and began its online auctions in December. Elk Grove Village, Ill.-based Ubid specializes in online auctions of "close-out and refurbished products," the SEC filing said.

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