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LETSBUYIT DOES THINGS BY HALVES

News, 13 July 2000


Accident-prone e-tailer LetsBuyIt.com, which on Tuesday postponed its IPO for the second time in as many months [WAMN, 12-Jul-00], yesterday halved its offer price by slashing the indicative issue price for its float on Frankfurt’s Neuer Markt from €6-€7 a share to €3-€4.

The move followed the eleventh hour pull-out of one of its four backing banks The latest flotation pricing would raise up to €71.2 million – sufficient to fund LetsBuyIt through to summer 2001. The shares, which should have started trading yesterday, will now list next week.

News source: The Times (London)