RealTime IT News

Soft Market Doesn't Slow Down Internet IPO Pace

It was another busy week for Internet IPOs, with five going out through Thursday, and perhaps one or two more today. (News flash: AdForce, NetObjects and Media Metrix have priced today.) This follows a week in which five other Internet companies went public.

With a crammed pipeline, don't expect any letup soon, soft market or no soft market. Here are some of the companies Internet investors may be looking at next week:

  • @plan. Small company (19 employees) offers corporate clients the key to unlocking mysteries of Web demographics by collecting data - actually, The Gallup Organization does the work - from about 40,000 Web users. Based in Stamford, Conn., @plan targets Internet advertisers, ad agencies and e-tailers. Revenue of $3.1 million in '98, an increase of 637%. Company is offering 2.5 million shares at $12-$14. Underwriter Hambrecht & Quist takes the lead; APLN will be the Nasdaq symbol.

  • Alloy Online. "Generation Y" content site features fashion, fun and free e-mail. Most revenue has come from merchandising through catalog business, but Silicon Alley-based Alloy is eyeing sponsorship deals and Web ad sales. Catch Midday Report profile , which incurred wrath of at least one teenager who didn't get it. Alloy is offering 3.7 million shares at $10-$12 each. Lead underwriter is BancBoston Robertson Stephens; Nasdaq ticker will be ALOY.

  • BiznessOnline.com. Small cap ISP started providing access to corporate and residential customers in Albany, N.Y., area, and buying up other ISPs in New York and Connecticut to broaden revenue base. Based in Wall, N.J., BiznessOnline.com hopes to raise $16 million in offering of 2 million shares in the $7-$9 range. Joseph Stephens & Company is lead underwriter; Nasdaq symbol will be BNET.

  • CAIS Internet. Based in Washington, D.C., CAIS makes phone jacks for apartments and hotels that enable Internet access for multiple dwellers via instant LANs. Revenue growth has been slow, rising only 16.7% to $5.3 million in 1998, against losses of $11.6 million. Company is offering 6 million shares at $14-$16 each. Lead underwriter is Bear Stearns; Nasdaq ticker will be CAIS.

  • Juno Online Services. Former free e-mail maven is trying to reinvent itself as an ISP by easing its 6.6 million basic service customers into the wild and wooly world of the Web. Another Silicon Alley player, Juno's IPO was profiled in March Midday Report.

    Upside: Large customer base, decent strategy. Downside: Big debt, lots of churn. Salomon Smith Barney is taking this bad boy out, hoping to raise $78 million in an offering of 6.5 million shares in the $11-$13 range. Nasdaq ticker will be - no, that one belongs to Juno Lighting. Try JWEB.


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