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CompuServe to hit Wall St. this week

CompuServe is expected to hit Wall Street this week with an offer of 16 million shares that should bring in as much as $480 million.

CompuServe is expected to hit Wall Street this week with an offer of 16 million shares that should bring in as much as $480 million, according to the company's underwriter, Goldman, Sachs & Company.

Shares for the number-two online service are expected to sell between $27 and $30 each

H&R Block, CompuServe's parent company, announced in February that it will spin off its stake in the service this year. Block will continue to hold an 80 percent stake in the company after its initial public offering.

During CompuServe's third quarter, which ended January 31, the service added 490,000 new members to its subscriber list of more than 4.3 million and 65 new corporate accounts for a total of 928. While H&R Block reported a loss of $5.5 million, or 5 cents per share, in its third quarter, CompuServe revenue increased 31.7 percent for a total of $203 million.

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CompuServe goes public