Rosetta Stone Expected To Make Public Debut Today
If all goes as expected, the New York Stock Exchange will have at a new listing today.
Shares of the Arlington-based language instruction company Rosetta Stone are scheduled to begin trading under the ticker symbol RST, starting this morning.
Rosetta Stone plans to offer 6,250,000 shares of common stock priced between $15 and $17 per share, meaning that the firm could raise as much as $106.3 million.
According to the company's recent filing with the SEC, Rosetta plans to spend some of the money it raises today by expanding into new types of Web-based language instruction services, growing its sales overseas and attracting more corporate clients with industry-specific language training.
The company's profit increased to $13.9 million last year from $2.58 million in 2007, according to its IPO filing. Rosetta executives were not available for comment yesterday.
After what has been a slow period for initial public offerings, Rosetta's IPO is the second on the NYSE this week. Online education company Bridgepoint Education Inc. launched on Wednesday; its shares opened at $10.50 and closed at $11.10 yesterday.
It had been exactly a year and a day since a Washington area company filed an IPO. Last year, the Bethesda-based real estate investment trust American Capital Agency sold 10 million shares at $20 per share, when it launched its IPO on April 15. Yesterday, shares closed at $17.50.
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