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SBD/10/Finance
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).
