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Computer Literacy Raises $30 Million in IPO

CALIFORNIA / News and Insight on Business in the Golden
State | THE STATE / TECHNOLOGY

November 20, 1998|Bloomberg News

Computer Literacy Inc., an online seller of technical computer manuals, raised $30 million in an initial stock sale, reflecting investors' renewed enthusiasm for Internet-related offerings. The Sunnyvale-based company sold 3 million shares at $10 each. That was $1 more than the top of the expected range--$7 to $9 a share--set by lead underwriter Nationsbanc Montgomery Securities. Computer Literacy revived plans for the sale two days ago, after having canceled them less than four weeks ago amid lukewarm interest in new stock offerings. But since that time, Internet stocks have surged, and two companies--EarthWeb Inc. and Theglobe.com Inc.--made spectacular market debuts, rising 248% and 606% respectively in their first day of trading.

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