Luminant Worldwide Corp. did its IPO, going public Sept. 16 to get cash and stock to immediately buy and roll up eight Web shops. Luminant went out at $18 a share and closed its first day at $26.38, giving it a market capitalization of more than $600 million. Young & Rubicam sold Brand Dialogue, New York, for $67 million in stock and paid $15 million for more stock, giving it about a 20% stake. Luminant gave client United Airlines warrants to buy 300,000 shares at the IPO price in coming years.
Copyright September 1999, Crain Communications Inc.