Luminant World-wide Corp., Dallas, went public today at $18 a share, jumping 50% to $27 late in the day. Luminant will use its cash and stock to immediately buy eight interactive shops, including Young & Rubicam's Brand Dialogue, New York, and then open for business as one of the industry's larger Web services agencies. Y&R will own about a 20% stake. Luminant's agencies had an operating loss of $50.7 million on revenue of $41.4 million in the six months ended June 30. Luminant postponed its offering last month amid an IPO slump and then cut the number of shares it offered while raising the share price before it proceeded with the deal.
Copyright September 1999, Crain Communications Inc.