PS2 News: GameStop raises $326 million - PS2 News

Members Login: Register | Why sign up? | Forgot Password?

GameStop raises $326 million

  GameStop Corp. announced on Tuesday that they have raised about $326 million in the second biggest initial public offering of the year. GameStop is the #1 US specialty retailer of video game software and are a unit of U.S. bookseller Barnes & Noble Inc.

   GameStop sold about 18.1 million Class A shares at $18 each, within the expected range of $17 to $19 each. The price gave GameStop a market value of $974 million based on 54.1 million Class A and B shares outstanding. The IPO ranks as this year's second biggest, behind the $980 million offering by Loews Corp.'s Lorillard tobacco unit, Carolina Group.

   Sales for GameStop are expected to have risen to $1.12 billion for the fiscal year ended Feb. 2 from $757 million in the prior fiscal year. GameStop plans to use $250 million of the proceeds from the sale to retire intercompany debt owed to Barnes & Noble. Barnes & Noble will retain a two-thirds stake in the company following the initial sale, in the form of Class B shares.

2/12/2002 Matt Stensrud

Put this on your webpage or blog:
Email this to a friend
Follow PSX Extreme on Twitter

Share on Twitter Share on Facebook Share on Google Share on MySpace Share on Delicious Share on Digg Share on Google Buzz Share via E-Mail Share via Tumblr Share via Posterous

New Comment System

Legacy Comment System (0 posts)

There are no comments to display.

Leave a Comment

Please login or register to leave a comment.

Latest Updates

Shadow of the Colossus Review
4d, 14h, 18m ago (2 comments)

Strikers Edge Review
8d, 14h, 58m ago (19 comments)

Okami HD Review
9d, 12h, 50m ago (6 comments)

Ultimate Chicken Horse Review
13d, 7h, 44m ago (16 comments)

Black Mirror Review
28d, 19h, 46m ago (23 comments)

Our Poll

How often do you visit the site?
Once a day
Several times a day
Every few days
Once a week
This is my first visit
I've never been here, even now I am not here

Previous Poll Results