Business Services Industry
Two New Jersey Firms Prepare for Initial Public Offerings.
Knight Ridder/Tribune Business News, February, 1999 by Fitzgerald, Beth
Knight Ridder/Tribune Business News
Feb. 11 -- One sells houses, the other keeps the phone ringing -- and they're neck and neck to be the first New Jersey company that goes public in 1999.
NRT Inc. of Parsippany, the giant real-estate brokerage operating under the shingles of Coldwell Banker, ERA and Century 21, yesterday said it wants to raise $225 million in an initial public offering.
But NRT was beaten out of the gate by the Feb. 1 filing from Paramus telecommunications company Destia Communications, which wants to raise $65 million.
Neither offering has been priced and sold to the public yet; both companies said it will be springtime before they emerge from a Securities and Exchange Commission review and hit Wall Street....
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