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First Virtual launches IPO

First Virtual Holdings, developer of the VirtualPin Internet security payment system, rolled out its initial public offering.

First Virtual Holdings (FVHI), developer of the VirtualPin Internet security payment system, today rolled out its public offering and debuted a quarter of a point above its initial pricing of $9 a share.

First Virtual offered 2 million shares of common stock, raising $18 million in capital for the company. The company has a market value of $20.7 million.

The company, formed in 1994, posted revenues of $197,902 last year, up from $3,580 on the previous year. Meanwhile, its net loss reached $2.3 million for 1995, up from a loss of $835,679 a year earlier. For the first nine months this year, the company generated revenues of $482,262 and posted a net loss of $6 million.

Meanwhile, First Virtual in September got a $12.5 million investment from credit card processors First Data (FDC), First USA Paymentech (PTI), and GE Capital.

The deal gave First Virtual greater reach in the marketplace. Through the investors, the company is able to offer its VirtualPIN to 245 million credit card holders and 1.9 million merchants.