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Online auctioneer plans $1 billion IPO

eBay gum, that’s a lot of cash

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Online auction house eBay wants to raise $1 billion from a new share issue, although exactly what the company plans to do with the cash is still sketchy. All the company was prepared to say was that it would use the proceeds from the sale for "general corporate purposes." A total of 6,500,000 shares will be made available as part of the public offering and early indications suggest that investors have more than a healthy appetite for this latest high-profile Net company. This is in spite of the constant stream of warnings suggesting that the Net stock bubble is about to burst and the disastrous series of events that has tortured the Lycos/USA Networks deal. What's more, eBay has had its fair share of troubles although this hasn't stopped it from announcing a major marketing agreement with AOL in deal that will net the giant service provider $75 million over four years. ® See related stories Con man given the boot by eBay e-Bay in e-trouble after copied MS software is sold on its site

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