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Tech Industry

Internet Capital Group sets 2-for-1 stock split

Three months and change after its initial public offering, Internet Capital Group Inc. (Nasdaq: ICGE) announced a 2-for-1 stock split Monday.

The Internet incubator said the split will take affect on Dec. 27 for all shareholders of record on Dec. 6. As of Sept. 30, approximately 253 million shares of Internet Capital Group were outstanding on a split-adjusted basis.

ICG also announced that it had filed a registration statement with the Securities and Exchange Commission for a public offering of 6 million split-adjusted shares of its common stock. The offering will be managed by Merrill Lynch & Co; Goldman, Sachs & Co.; Deutsche Banc Alex. Brown; Lehman Brothers; and Robertson Stephens.

The Company will concurrently offer $250 million of convertible subordinated notes due 2004 in an offering managed by Merrill Lynch & Co; Goldman, Sachs & Co; and Deutsche Banc Alex. Brown.

In its latest quarter, ICG reported a loss of $15.2 million, or 17 cents a share, on sales of $7.2 million.

A survey of analysts by Zack's Investment Research Inc. predicts ICG will earn 18 cents a share in its fourth quarter.

Since its potent IPO in August, ICG shares have been on a tear, rolling to an all-time high of 195 9/16 earlier this month.

Two of the three analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.