MP3.com floats for $344m

NEWS MP3.com has become the latest Web flotation sensation, raising $344m yesterday through its initial public offering (IPO). The company claims it is pioneering a revolution in online music distribution, but many industry observers are unclear about MP3.com's long-term business strategy. However, this clearly wasn't an issue for the investors who picked up the 12.3 million shares priced at $28 each. The controversial MP3 brand has clearly benefited from being at the centre of a furious debate between the music industry and technology manufacturers over possible infringements of property rights.