NEW YORK (Dow Jones News) -- Autobytel.com Inc. raised $103.5 million Friday in an initial public offering of stock.
The company sold 4.5 million common shares for or $23 each. The company had expected the shares to sell for $16 to $18 each. The shares more than doubled, hitting a high of $58 before settling at $40.25 -- a 75 percent premium to the offer price -- at the close on the Nasdaq Stock Exchange.The Irvine, Calif.-based company's Internet site provides vehicle information and services for a network of 2,718 dealers in the United States and Canada.
The company will use the proceeds from the offering for general corporate purposes, which may include advertising programs to promote the Autobytel.com brand name.