Zany Brainy Raises $34 Million Via IPO
-- Publishers Weekly, 6/14/1999
Zany Brainy went public June 3, issuing a total of 6.1 million shares at $10 per share. The multimedia retailer sold 3.8 million shares itself, and shareholders sold an additional 2.3 million. The $10 per share price was at the low end of Zany Brainy's projected price range of $10 to $12 per share. The stock closed at $11.44 after its first day of trading, and was selling at $11.12 per share June 9.Through the offering, Zany Brainy will receive approximately $34 million in net proceeds, which it will use to open a new distribution center and additional stores, implement new enterprise software and develop an Internet shopping site.
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