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PayPal prices IPO.
Byline: David Shabelman
Online bill payment service PayPal Inc. priced its long-awaited initial public offering at $13 a share late Feb. 14, raising $70.2 million.
The pricing was in the middle of its $12 to $14 range. With 59.8 million shares outstanding, PayPal has a market value of $774 million.
PayPal was expected to price its shares Feb. 7, but a patent infringement suit filed against the Palo Alto, Calif.-based company pushed back the pricing.
New York-based rival CertCo Inc. filed its suit against PayPal in the U.S. District Court of Delaware in Wilmington, Del., on Feb. 4. The suit claims PayPal infringed on its 2000 patent by …
