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WILL TRIBE IPO HAVE WALL STREET SINGING "CLEVELAND ROCKS"?
Published June 4, 1998
Indians Owner Richard Jacobs "will be swinging for the fences today, hoping to raise more than" $60M through an IPO, as shares in his team begin trading this morning on the NASDAQ, according to Bill Lubinger of the Cleveland PLAIN DEALER. Jacobs, who "will retain overwhelming financial and management control" after the stock offering, is looking to sell "up to" 4.6 million shares. The stock, which was priced at $15 a share yesterday, will trade under the symbol "CLEV," and investors must buy at least 100 shares initially. The IPO is being underwritten by McDonald & Co. Securities Inc., which is also serving as the lead brokerage (Cleveland PLAIN DEALER, 6/4). Some financial analysts believe that the stock offering "will be sold out through brokerage house commitments before the NASDAQ market opens" (USA TODAY, 6/4). In Akron, Mary Vanac reports that the offering "is expected" to raise between $53.8M-$62.2M for the team, and Indians VP/Public Relations Bob DiBiasio said that the organization "decided to keep its stock certificates under wraps until after" this morning's offering. Many potential buyers have "indicated that they want certificates" for their shares, which signals that they "intend" to hold on to them (AKRON BEACON JOURNAL, 6/4).