SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 5, 1997--USWeb Corporation today announced the initial public offering of 5,000,000 shares of its Common Stock at a price of $7.50 per share.
The Company has also granted the underwriters the option to purchase up to 750,000 additional shares solely to cover over-allotments. All of the shares are being sold by USWeb. As previously announced, the Company expects to close a separate private placement of $10.0 million of Common Stock (1,666,667 shares) to Intel Corporation at 80 percent of the initial public offering price.
USWeb plans to use the net proceeds of the offering for general corporate purposes, including working capital. The offering is being managed by Hambrecht & Quist, Donaldson, Lufkin & Jenrette, Wessels, Arnold & Henderson and First Albany Corporation. USWeb's Common Stock has begun trading on the Nasdaq National Market under the symbol "USWB."
USWeb is a leading Internet professional services firm that provides Intranet, Extranet and Web site solutions and services to medium-sized and large companies. The Company's services include strategy consulting, analysis and design, technology development, implementation and integration, audience development and maintenance.
The Company delivers these services to clients through its consulting offices nationwide, whose regional presence enables each office to develop close client relationships and an understanding of client needs. The Company has entered into, and intends to continue entering into, strategic relationships with a limited number of leading Internet hardware, software and content vendors, including Microsoft, Hewlett-Packard, Pandesic LLC (the Internet company from Intel and SAP), Sun Microsystems and Reuters. The company is headquartered at the USWeb Internet Strategy & Solutions Center in Santa Clara, California.
CONTACT: USWeb Corporation
Geoff Kerr, 408/987-3260
gkerr@usweb.com
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