David Reich-Hale of the Long Island Business News writes that the paper’s parent company Dolan Media went public and saw its stock rise in Thursday trading.
In addition to the Long Island paper, Dolan also owns the Mississippi Business Journal,Â the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among other papers.
Reich-Hale wrote, “Though when trading commenced at 10 a.m., shares opened at $16.40 apiece and quickly climbed to trade above $17 per share.
“The operator of niche business and law publications said net proceeds from the offering are expected to be approximately $138.6 million and will be used to redeem all outstanding shares of the companyâ€™s preferred stock, to repay $30 million of outstanding debt under the companyâ€™s credit facility, and for general corporate purposes, including acquisitions and working capital.
“In 2006, the company’s revenue increased to $111.6 million from $77.9 million. However, net loss widened to $14 million from $7.5 million in the previous year, according to an April Securities and Exchange Commission filing.
“‘As a business journalist, how many IPOs have we written about over the years?’ said John L. Kominicki, LIBNâ€™s president and publisher, who was on Wall Street for the IPO. ‘To be involved in one and to cover it is a thrill.'”
Read more here.