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DREAM OF OWNING A PART OF CART? WITH IPO, NOW YOU CAN
Published January 5, 1998
CART has filed a registration statement with the SEC to sell 4,573,000 shares of common stock in an IPO. The company intends to use proceeds from the offering, to be underwritten by Jefferies & Company, Inc. and A.G. Edwards & Sons, Inc., to purchase the American Racing Series, Inc., and for other general corporate purposes, including funding future acquisitions and developing other racing-related businesses and properties (CART). In Indianapolis, Bill Koenig reported that CART "did not disclose the expected price of offering nor how much money it expects to raise." Koenig wrote that the stock sale "comes at a crucial time" for CART, as it "wants to increase its appeal beyond die- hard race fans" (INDIANAPOLIS STAR-NEWS, 12/23).