Sets IPO Pricing

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NEW YORK ( -- Clarant Worldwide Corp. last week changed its name to Luminant Worldwide Corp.--the sixth name for the instant Web shop roll-up even before it wrapped up its initial public offering of stock. With the IPO, Luminant will buy and merge eight shops with a '98 loss of $99.2 million on revenue of $54.8 million. At an expected price of $11 to $13 a share, Luminant, LUMT on Nasdaq, would have an initial stock market worth of $450 million to $532 million, making it one of the higher-valued Web marketing agencies.

Young & Rubicam, which is selling the New York operations of Brand Dialogue to Luminant, agreed to ask Brand Dialogue clients AT&T Corp., Citigroup, Dr Pepper/7-Up, Pfizer, Philip Morris Cos., Showtime Networks, Sony Corp. and the U.S. Postal Service to stick with Luminant. AT&T was Brand Dialogue's largest customer last year, accounting for 29% of its $7.2 million in revenue.

Luminant's previous names? WebOne, Integrated Interactive, Clarant, Radiant Worldwide Corp. and Clarant Worldwide. The latest name at least won't be confused with Clarent Corp., an Internet phone outfit that went public last month.

Copyright August 1999, Crain Communications Inc.

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