The number-two online service announced last night that it would sell 16 million of its shares today for an initial offering price of $30 per share. The net proceeds of the offering will be about $454 million.
H&R Block is selling 20 percent of its stake in the company, or 16 million shares, and plans sell off their remaining 80 percent to stockholders this year.
CompuServe shares will be quoted on the Nasdaq National Market under the symbol "CSRV". The underwriters are being led by Goldman, Sachs, Merrill Lynch, and George K. Baum & Company.
America Online, the number one online service and CompuServe's main competitor opened at $59.50 per share and closed at the same price. AOL is also quoted on the Nasdaq National Market under the symbol "AMER".
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