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What do eBay, General Electric, Reuters Holdings, Hearst Communications, Chase Venture Capital Associates and Warburg Pincus Equity Partners have in common? They all owned a piece of Star Media Network before the Internet company went public in May with a very successful initial public offering. The price of the company's (Nasdaq: STRM) share prices climbed from $15 to $26 on its very first day. It later rose as high a share before settling back down to earth at $40 in early June. The company, which boasts about being the world's most popular Spanish- and Portuguese-language Web site, sold 7 million shares worth about $250 million. CEO Fernando Espuelas, who owns a good chunk of shares, says the company will use the money to boost the already frenetic pace of its advertising, build up the site ( and make acquisitions to keep ahead of the pack in what has become a very crowded Latin America Internet market, a market that is expected to grow from a current 5 million to 19 million by 2003.
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Title Annotation:internet stock
Author:Bustos, Sergio R.
Publication:Latin Trade
Geographic Code:4EUSP
Date:Aug 1, 1999
Previous Article:OUT OF ORBIT.

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