NetRadio Corp, a subsidiary of publicly-traded Navarre Corp, a distributor of consumer software and entertainment products that offers more than 150 channels of radio and also sells CDs, has announced its intention to file for an initial public offering. There is no indication of time scale or pricing yet or how much the company plans to raise, because it hasn’t even filed yet. NetRadio is a direct rival to Broadcast.com, which arrived on July 17 with what is now officially the most successful spectacular IPOs ever seen in the US. However, Navarre apparently did say in earlier quarterly reports that it was always its intention to increase the capitalization of NetRadio via a public offering. Broadcast.com’s stock was offered at $18, opened at $68.25 – 279% increase, beating Netscape’s 154% rise in 1995 and Broadcom’s 158% hike this year – before closing at $62.75. It closed yesterday down $0.875, or 1.4% at $60.625.
