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CART SET TO GO PUBLIC TODAY WITH SHARES PRICED AT $16
Published March 10, 1998
CART Inc. will begin public trading today under the symbol "OPW" when 4.7 million shares are offered in an IPO. Shares were priced at $16. CART said it plans to use the net proceeds from the IPO, expected to be more than $63M, to purchase the Indy Lights racing series and pay "certain obligations" to existing race teams. It will use the remaining proceeds for "working capital and other general corporate purpose, including funding future acquisitions and developing racing related businesses and properties" (CART).