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CART WHEELS ITS WAY ONTO THE EXCHANGE, STOCK PRICE RISES 24%
Published March 11, 1998
In its first day of trading on the New York Stock Exchange, the price of CART stock "rose more than" 24% yesterday, according to Bill Koenig of INDIANAPOLIS STAR- NEWS. CART issued 4.7 million shares of stock at $16 each, "raising about" $75M. With "[m]ore than" 3.7 million shares traded yesterday, the price "went as high as" $21 before ending the day at $19.9375 a share, up $3.9375 from its opening. The stock is listed under the symbol OPW, "a reference to the open-wheel style" of CART cars (STAR-NEWS, 3/11). In Detroit, Dave Phillips reports that the offering raised $63M for CART, and that, with the money raised, the organization "has begun scouring North America for motor sports acquisitions." CART will use "part of" the money to buy the Indy Lights training league, and President Andrew Craig said that the company "plans to buy a major open-wheel driving school by year-end and additional open-wheel race circuits." Although Craig "declined further comment" on acquisitions, industry observers say "potential targets" include the Toyota Atlantic Championship Series, the Formula Ford 2000 series and the Barber Dodge Pro Series (DETROIT NEWS, 3/11). Ryan Jacob, Dir of Research at the IPO Value Monitor, on the CART IPO: "This company is an opportunity to capitalize on the growing popularity of auto racing worldwide. They have some of the best drivers and team owners in the world" (AKRON BEACON JOURNAL, 3/11). CNN's Jan Hopkins, on CART's debut: "Not bad for a company that lost more than $15 million last year" ("Moneyline," CNN, 3/10).