Yahoo today filed a registration statement for an initial public
offering of 2.6 million shares of common stock with the Securities and
Exchange Commission. Shares are expected to sell between $10 and $12
during the IPO.
Last November, Yahoo secured financing from Ziff-Davis Publishing,
Reuters New Media, and Softbank. The three companies acquired 12 percent
of Yahoo, but the dollar amount of their holdings was not disclosed.
Securities may not be sold before the registration statement becomes
effective.
Yahoo was founded in April 1994 by Jerry Yang and David Filo, who were
students at Stanford University's Electrical Engineering program. In
April of last year Yang and Filo left Stanford and to work full-time on
Yahoo.
Yahoo produces a free computerized index system to help Web surfers
wade their way through the sometimes overwhelming mass of information
available online.
In other news, as of 3:10 pm, the Dow was down 205 points.