New Auction IPO Coming From Internet Bank

Auction IPO Coming From Internet Bank BofI Holding, Holding Company for Bank of Internet USA


WASHINGTON (AP) -- An Internet bank is the latest entrant in the brave new world of auction-based initial public offerings.
San Diego-based BofI Holding Inc., holding company for Bank of Internet USA, is expected to sell 2.25 million shares of stock at a range of $9 to $13 a share in coming weeks. But unlike a traditional IPO, in which underwriters set the final share price by privately gauging investor interest, BofI is planning to follow in Google Inc.'s footsteps and run an auction for its stock through investment bank WR Hambrecht & Co.'s auction process.