Loudcloud IPO Priced at $6 a Share, Report Says
Closely watched IPO Loudcloud was priced at $6 Thursday evening, the figure the company lowered its expectation to earlier in the day, according to The Wall Street Journal.
The stock, which will begin trading Friday, has been the subject of much speculation as investment bankers tried to get the deal done. Thursday morning the price was cut to $6 a share from $8 to $10 a share, and the company boosted the number of shares it expected to offer to 25 million from 20 million. The extra effort was needed because the IPO market is weak, and investors are concerned about companies with uncertain prospects. Loudcloud is far from becoming profitable. In addition, Yahoo!'s (YHOO) warning Wednesday has injected even more fear into an already wobbly market. Loudcloud also has had much greater attention than most IPOs because it was started by Marc Andreessen, co-founder of Netscape.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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