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On Monday, this daily stock watch noted that the executives at MP3.com are going to be singing sweet music when the company goes public later this month. Well, it looks like the singing has already started.
Later on Monday, MP3.com raised the price range of its initial public offering to between $16 and $18 (US$). The original range was $9 to $11. In addition, the company will offer 12.3 million shares of stock in the offering, up from the original nine million shares. This means that an offering that originally would have topped out at $99 million could now be worth $221.4 million -- or more.
Don't be surprised if this IPO ends up pricing at more than $18. Demand is high, and MP3.com has great brand awareness. The company is now already valued at around $1 billion. That's not bad for a company that had lost more than $350,000 and had just $1.2 million of revenue last year.
You can bet the singing will continue.
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