Dolan Media, the parent company of Minnesota Lawyer, went public today.
The Minneapolis-based firm’s shares opened on the New York Stock Exchange under the ticker symbol “DM,” with an initial public offering price of $14.50.
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 company’s preferred stock, to repay $30 million of outstanding debt under the company’s credit facility and for general corporate purposes, including acquisitions and working capital.
“As a business journalist, how many IPOs have we written about over the years?” said John L. Kominicki, publisher of the Dolan Media-owned Long Island Business News, who was on Wall Street for the IPO. “To be involved in one and to cover it is a thrill.”
Goldman, Sachs & Co. and Merrill Lynch & Co. are acting as joint bookrunners and as representatives of the underwriters. Piper Jaffray & Co. and Craig-Hallum Capital Group LLC are acting as co-managers.
Dolan Media owns niche newspapers in 19 markets, including New Orleans, Baltimore, St. Louis, Boise, Idaho and Boston. It acquired Finance and Commerce in 1993 and launched Minnesota Lawyer in 1997.
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