Business Services Industry
California-Based Online Grocery Firm's Float Is Likely to be Delayed.
Knight Ridder/Tribune Business News, October, 1999 by Evening Standard, London
Knight Ridder/Tribune Business News
Oct. 7 -- The initial public offering of fast-growing US Internet grocery delivery service Webvan Group is likely to be delayed because it has breached the Securities and Exchange Commission's rules.
The company, which recently recruited Andersen Consulting US partner George Shaheen, is trying to raise about $300 million (UKpound 183 million) by selling 25 million shares at $11-$13 in a deal that would value the firm at $4 billion just 15 months after deliveries based on Internet orders began.
But it now looks likely Webvan will have to re-file for permission to float after breaking "quiet period" SEC regulations during the offering process.
The company's executives have made a number of...
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