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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 (www.starmedia.com) 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
Words:175
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