Net Ad Agency 24/7 Announces IPO

Internet advertising agency 24/7 Media, New York, has announced an initial public offering of its common stock. 24/7 Media filed a registration statement with the Securities and Exchange Commission in June. It will sell 3.25 million shares of stock at $14 a share.

24/7 sells advertising and promotions for Web sites and operates a network of more than 85 sites. It was formed in February when three New York advertising and sales companies merged — Petry Interactive, Katz Millennium and Marketing, and Interactive Imaginations. Until the registration statement becomes effective, the securities can't be sold and offers to buy them may not be accepted.

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