IPOs Steal the Show
Page 1 of 2
Three hot Internet IPOs added fuel to the fire on Wednesday, as specific Internet issues continued zooming ahead.
Andover.net, Agency.com, and NetRatings contributed to the surge, despite Yahoo! putting somewhat of a damper on the party. GoTo.com (GOTO) was added to the ISDEX and saw its shares rally 5-1/2 higher to 92-3/16.
internet.com's Internet Stock Index climbed 2.94, or 0.37 percent, to 796.61, the Nasdaq Composite lost its record pace, closing down 0.84 to 3586.08 and the Dow Jones industrial average gave up 38.53 to 11068.12.
Andover.net (ANDN), a destination for products, news and online tools for Linux and Open Source communities, raised $72 million after pricing 4 million shares at $18 per share. In today's trading, ANDN shares climbed 45-3/8, or 250 percent, to 63-3/8.
In a note to clients, the tandem wrote: "the $18 billion web hosting and content delivery markets should create over $70 billion in market cap by 2003. We expect Internet pure-plays to account for about $30 billion. Exodus is a category killer in web hosting and network management solutions. We believe the company is one of the best-positioned players to consolidate this market and rapidly move upstream into value-added services."
In the business-to-business sector,