K-III raises $150M with initial offering

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In its initial public offering, K-III Communications Corp. sold 12% of itself to the public at $10 a share, raising some $150 million. The deal leaves primary backer Kohlberg Kravis Roberts & Co. still in control of 82.2% of the company, with top executives of the 6-year-old company holding the rest. On its second day of trading, Nov. 3, the stock closed at $10.88 per share, after starting trading at $10 Nov. 2.

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