Shares of Baltimore-based Caliber Learning Network Inc., a money-losing, development-stage distributor of education and training programs for working adults, rose as much as 21 percent yesterday in their first day of trading.
The company rose $2 to finish at $16 as 1.6 million shares changed hands on the Nasdaq stock market. Earlier, the stock touched $16.88. The company and selling shareholders sold 5.7 million shares, a 47 percent stake, at $14 each, raising $79.8 million. The sale gave Caliber a market capitalization of about $168.3 million.
Caliber intends to use technology to distribute courses developed by prominent colleges such as the Johns Hopkins University and the Wharton School of the University of Pennsylvania, and to distribute professional development and training programs to Fortune 1000 corporations.
The company was organized in November 1996 by Sylvan Learning Systems Inc., a Baltimore-based educational services company, and MCI Communications Corp., a long-distance carrier.
Caliber lost $13.6 million last year on revenue of $1.2 million.
Pub Date: 5/06/98