Egreetings goes public

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Online greetings site Egreetings Network went public Dec. 17, selling 6 million shares at an initial stock offering set at $10 a share. Egreeting's stock closed at $10.56 on its first trading day. Credit Suisse First Boston Corp. was the lead underwriter of the IPO. For the nine months ended Sept. 30, Egreetings reported revenue of $1.5 million and a net loss of $22 million. Egreetings is far from the category leader. Blue Mountain Arts, which Excite@Home purchased in October, remains the top online greetings site. Major portals and e-tailers have also adopted their own online greetings as a way to retain users. Egreetings is also on its second traditional agency within a year. Butler, Shine & Stern, Sausalito, Calif., handled advertising briefly this year, before the site handed its $15 million account to Suissa Miller, Los Angeles.

Copyright December 1999, Crain Communications Inc.

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