Internet

Streamedia raises $8.5 million in SmallCap offering

The company, which plans to deliver on-demand audio and video programming over the Web, raises $8.5 million in an initial public offering.

Streamedia Communications, which plans to deliver on-demand audio and video programming over the Web, raised $8.5 million in an initial public offering yesterday.

The company issued 1 million Tune in to CNET News.com TV's IPO Forecastshares of common stock priced at $8.50 per unit in an offering on the Nasdaq SmallCap Market underwritten by Institutional Equity Corp. and Capital West Securities.

Units consist of one share of common stock and one common stock purchase warrant exercisable at $12.75 per share from Dec. 21, 2000, until Dec. 21, 2004, according to a release.

Shares of Streamedia were up 0.38 at 9.38 in early afternoon trading today.

Streamedia said it will offer programming in a wide array of categories, including business, sports, news, women's issues, parenting, travel, education, religion, politics, health, children and teen issues, shopping, real estate, music, technology, personal fitness, movies, entertainment, and lifestyles.