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).
