E-manager Wit Capital Enlists Traditional Wall Street for Its IPO

Wit Capital, a pioneer in its role as a so-called e-manager in stock offerings, filed for its own initial public offering Thursday but turned to traditional Wall Street for help with the transaction.

Wit's filing was widely anticipated, especially after it wooed Merrill Lynch (MER Quote) Internet analyst Jonathan Cohen in February to become research director, a sign it was building a true investment bank. But Wit has been clear about its ultimate goal, which is more modest than some new Internet investment banks.

So Wit, which caters to retail investors, isn't lead underwriting its own deal, unlike Goldman Sachs or Donaldson Lufkin & Jenrette (DLJ Quote), which is underwriting the offering of a tracking stock for its DLJdirect unit. Bear Stearns (BSC Quote) will lead the offering, with Wit, as e-manager, listed second on the prospectus. Thomas Weisel Partners also is an underwriter. ...