Infinity’s IPO Pulls In $2.87 Billion
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NEW YORK — Infinity Broadcasting Corp., a CBS Corp. unit and the second-largest U.S. radio network, raised $2.87 billion in the third-largest IPO by a U.S. issuer this decade.
Infinity, whose stations carry the Howard Stern and Don Imus shows, sold 140 million shares--5 million shares more than expected--at $20.50 each, the midpoint of the $19-to-$22 range set by lead underwriter Merrill Lynch & Co. That was a 17% stake and gave the New York-based company a market capitalization of $17.22 billion, based on 840 million shares outstanding.
Infinity will begin trading under the symbol INF on the New York Stock Exchange today. CBS fell 94 cents to $30 on the NYSE.
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