Shares of Barnes & Noble (Nasdaq: BKS) were up 1-1/8 to 35-3/8 in early trading today after the company revealed details about the upcoming initial public offering of barnesandnoble.com. The online spinoff will offer approximately 18 percent, or 25 million, of its shares to the public at an estimated $12 per share for a total offering of $300 million. Barnesandnoble.com’s sales for the first quarter were $32.3 million, an increase of 259 percent from the same quarter in 1998.
It’s been said before, but it’s worth saying again. Barnes & Noble stock could have a ways to climb as the IPO approaches, and Barnesandnoble.com is probably as high-profile as an IPO is going to get this year.