The initial public offering of online ticket retailer Tickets.com should be a solid performer when the stock opens for trading today. Tickets.com priced 6.7 million shares at $12.50, above its revised range of $10 to $12 and well above its original range of $7 to $9. Tickets.com’s lead underwriter is Morgan Stanley Dean Witter, which has had tremendous success with the IPOs it has underwritten recently, including the seemingly unstoppable Akamai Technologies.
Tickets.com is not expected to see the same shot-from-a-cannon opening of Akamai Technologies, but it is expected to open at a strong premium. Ben Holmes of ipoPros.com believes that the stock will trade at least five points higher than its offering price.
While Ticketmaster is the clear leader in the ticketing business, Tickets.com has a lot of smart money behind it. The company’s investors include [email protected], Internet incubator idealab! and Cox Enterprises.