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Webvan Stock Price Closes 65
Webvan Group, an online grocer that has overcome several financial and regulatory obstacles, rolled ahead in its first day of public trading today to achieve a market value of $7.9 billion.
A month ago, Webvan, at the request of the Securities and Exchange Commission, agreed to postpone its scheduled stock offering because the company, in a hermes kelly handbags Knockoff conference call to select investors, had disclosed financial information that was not included in public documents. nor loss projections have sunk Webvan, which has been the darling of an investment community intrigued by the promise of moving the grocery the kelly bag hermes replica market to the Internet.
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On Friday, when public trading started, the stock rose as high as $34 and ended 65 percent above the offering price at $24.875. Percentage wise, the first day increase pales in comparison with recent Internet offerings, including Cobalt Networks, which makes specialized computer servers, and whose shares rose to $128.50 from $22 on its first day of trading yesterday.
But some industry analysts pointed out that Webvan's offering should be considered a vintage kelly bag faux success because investors were willing to pay a high price for an offering of slightly less than 8 percent of the company.
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Continue reading the main story
Webvan, whose prospectus is rife with comments about potential competition from other fledgling online grocers and the challenges of operating an Internet business, has made it clear that it faces a difficult task. The company must condition consumers to buy groceries online, rather than in person, overcome technological and logistical challenges in delivering fresh food and rely on the adoption of the Internet as a ubiquitous medium.
The company now operates its online grocery in a single market, the San Francisco Bay area, from a 330,000 square foot, largely automated warehouse in vintage hermes kelly bag cheap Oakland. The company said it generated $4.2 million in Internet sales from June 2, when the warehouse opened, through Sept. 30.
The offering was a healthy payday for Webvan officers, including Louis H. Borders, company founder and chairman, whose 28 percent stake in the company is now worth more than $2 billion. The second largest shareholder, Softbank America, a subsidiary of the Softbank Corporation of Japan, owns 15 percent of Webvan.
George T. Shaheen, who left Andersen Consulting in September to become chief executive and president, holds 1.25 million shares, now worth more than $30 million, and options to buy 15 million additional shares at $8 apiece.
Webvan Group, an online grocer that has overcome several financial and regulatory obstacles, rolled ahead in its first day of public trading today to achieve a market value of $7.9 billion.
A month ago, Webvan, at the request of the Securities and Exchange Commission, agreed to postpone its scheduled stock offering because the company, in a hermes kelly handbags Knockoff conference call to select investors, had disclosed financial information that was not included in public documents. nor loss projections have sunk Webvan, which has been the darling of an investment community intrigued by the promise of moving the grocery the kelly bag hermes replica market to the Internet.
Continue reading the main story
On Friday, when public trading started, the stock rose as high as $34 and ended 65 percent above the offering price at $24.875. Percentage wise, the first day increase pales in comparison with recent Internet offerings, including Cobalt Networks, which makes specialized computer servers, and whose shares rose to $128.50 from $22 on its first day of trading yesterday.
But some industry analysts pointed out that Webvan's offering should be considered a vintage kelly bag faux success because investors were willing to pay a high price for an offering of slightly less than 8 percent of the company.
Newsletter Sign Up
Continue reading the main story
Webvan, whose prospectus is rife with comments about potential competition from other fledgling online grocers and the challenges of operating an Internet business, has made it clear that it faces a difficult task. The company must condition consumers to buy groceries online, rather than in person, overcome technological and logistical challenges in delivering fresh food and rely on the adoption of the Internet as a ubiquitous medium.
The company now operates its online grocery in a single market, the San Francisco Bay area, from a 330,000 square foot, largely automated warehouse in vintage hermes kelly bag cheap Oakland. The company said it generated $4.2 million in Internet sales from June 2, when the warehouse opened, through Sept. 30.
The offering was a healthy payday for Webvan officers, including Louis H. Borders, company founder and chairman, whose 28 percent stake in the company is now worth more than $2 billion. The second largest shareholder, Softbank America, a subsidiary of the Softbank Corporation of Japan, owns 15 percent of Webvan.
George T. Shaheen, who left Andersen Consulting in September to become chief executive and president, holds 1.25 million shares, now worth more than $30 million, and options to buy 15 million additional shares at $8 apiece.
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