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Media Metrix raises $51 million

Published on .

New York--Media Metrix raised $51 million with its initial public offering Friday, selling 3 million shares at an IPO price of $17 per share. The company, which measures Internet traffic, plans to use the cash for international expansion and new-product development. In heavy trading, Media Metrix's share price rocketed to more than $45, giving the company a market capitalization of about $760 million. The company recorded a net loss of $7.5 million last year.
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