Shopping.com, the online wholesaler/retailer that runs an internet mall, has finally launched the initial public offering that was hinted at in July when it retained the services of investment bank Waldron & Co (CI No 3,205). The Corona Del Mar, California company says sold 1.3 million shares of common stock at a price of $9 per share, raising $11.7m – $10.6m for itself after fees. The shares sold represent 32.5% of the company, valuing it at $36m. All of the shares were offered by the company, with the underwriters given the option to purchase up to 195,000 shares to cover over-allotments. Shopping.com claims that it operates its website using proprietary technology to handle order placement, secure payment, inventory control and invoicing in one automated process. The stock is trading on the over the counter market under the symbol IBUY.
