San Francisco (SatireWire.com) – PeoplePC, whose initial public offering bombed last month, said today its first IPO shouldn’t count, and urged investors to return their shares so the company can try again.
“Let’s do best two out of three,” said company CEO Nick Grouf, who watched shares fall from $10 to just below $9 on opening day.
Grouf promised his firm would do better next time, and dismissed suggestions that the drop was the result of PeoplePC’s questionable business model. The company sells Internet access and PCs to members for $24.95 a month. According to Grouf, the model played a role, but the real problem was an erroneous offering price. “Considering that we fell 11 percent, pricing at $10 was clearly a mistake,” he said. “We should have priced at $20. That way, we’d be sitting at nearly $18.”
“Yes in fact, I do have an MBA,” Grouf added. “Why?”
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