E*TRADE GROUP, INC. COMPLETES PUBLIC OFFERING
OF 8,100,000 SHARES OF COMMON STOCK
Investor Relations Contact:
Stephen Richards, Chief Financial Officer, E*TRADE Group, Inc., 415-842-2503,
srichards@etrade.com
News Media Contact:
Kate Connelly, The Dilenschneider Group,
312-553-0700,
connelly@mcs.net
PALO ALTO, CALIFORNIA, August 20,
1997 -- E*TRADE Group, Inc. (Nasdaq: EGRP), an electronic financial
services company, and through its subsidiary, E*TRADE Securities,
Inc., a leading provider of online investing services, today announced
the public offering of 8,100,000 of its common stock at a price
of $27.50 per common share. Of the 8,100,000 shares being offered,
6,100,000 are being offered by E*TRADE Securities, Inc. and 2,000,000
are being offered by certain selling stockholders of the Company.
The Company and a selling stockholder have agreed to sell up
to an additional 1.215 million shares upon exercise of an over-allotment
option granted to the underwriters.
The offering is being managed by an
underwriting group led by Robertson, Stephens & Company, LLC,
Hambrecht & Quist LLC, Deutsche Morgan Grenfell, Montgomery
Securities and E*TRADE Securities, Inc.
The Company intends to use the net
proceeds of the offering for general corporate purposes including
working capital. The Company will not receive any proceeds from
the sale of common stock by the selling stockholders. A copy of
the final prospectus relating to these
securities may be obtained from Robertson,
Stephens & Company LLC at 555 California Street,
Suite 2600, San Francisco, California
94104, (415) 781-9700; or Hambrecht & Quist LLC at One Bush
Street, San Francisco, California 94104, (415) 576-3300; or Deutsche
Morgan Grenfell at 1550 El Camino Real, Suite 100, Menlo Park,
California 94025, (415) 614-5000; or Montgomery Securities at
600 Montgomery Street, San Francisco, California 94111, (415)
627-2000, or E*TRADE Securities, Inc. via the Internet at www.etrade.com.
A leading provider of online investing
services, E*TRADE has established a popular, branded destination
Web site for self-directed investors. The Company offers independent
investors the convenience and control of automated order placement
and execution at low commission rates, along with a suite of value-added
products and services that can be personalized, including portfolio
tracking, Java-based charting and quote applications, real-time
market commentary and analysis, news and other information services.
Customers can access E*TRADE at http://www.etrade.com
on the Internet as well as through WebTV; via Prodigy; via Microsoft
Investor; by Go ETRADE on CompuServe; with keyword ETRADE on America
Online; via direct modem connection; and via the touchtone telephone
TELE*MASTER system. E*TRADE Securities and its parent company,
E*TRADE Group, Inc., are headquartered in Palo Alto, California.
A registration statement relating
to these securities was filed and declared effective by the Securities
and Exchange Commission. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
© Copyright 1996 E*TRADE Securities, Inc. All Rights
Reserved.
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