L90 raises $97.5 million in IPO

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L90 (L90.com), a Santa Monica, Calif., interactive shop, made its initial public offering Jan. 28, selling 6.5 million shares at $15 a share. The stock closed Jan. 28 at $23.56; that gave L90 a market capitalization of $464.5 million, including the new shares and those held by insiders. President-CEO John Bohan, L90's 35-year-old founder and a former cable sales rep, owns 30.5% of the agency, giving him a stake worth $141.7 million. L90 lost $5.8 million on revenue of $4 million in the first nine months of 1999.

Copyright January 2000, Crain Communications Inc.

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