Soft Market Doesn't Slow Down Internet IPO Pace
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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
- 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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