CompuServe to sell 16 million shares

CompuServe today put a price tag on its initial public offering of 16 million shares at $27 to $30 each. The number-two online service expects the IPO to raise about $480 million.

CompuServe's parent company, H&R Block, last month announced that it would separate the online service from its tax preparation business and filed with the Securities and Exchange Commission. The company will offer 20 percent of its holdings to the public.

The remaining 80 percent is expected to be offered within a year, H&R Block said.

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