IPOs Not Spared From Volatility
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A lot of tech stocks were dumped overboard in the recent wild storms on the Nasdaq. But now in the calm, there are a lot of investors cautiously beachcombing for bargains.
On Tuesday, Cabot Microelectronics (CCMP), saw its opening price of $20 a share close at 24-7/8. By the end of the week it was at 31-15/16, riding the return of Nasdaq.
Cabot Microelectronics produces slurries, which are used in the polishing process in the making of integrated circuits and hard disk drives. With the chip market growing, this is an expanding market.
Goldman, Sachs was the lead underwriter.
Ulticom, a subsidiary of Comverse Technology, provides networking signaling software for wireless, wireline and Internet communications services. In the IPO market: have wireless, will travel.
Lehman Brothers was the lead underwriter.
In the crazy name category there was Vyyo (VYYO). I'm not sure how to pronounce this one. Then again, other crazy-name companies like Akamai and Inktomi have done well.
So did Vyyo. It saw its shares rise 85 percent to 25 on Wednesday. It continued its rise and was at 33 on Friday.
The Cupertino, Calif.-based company, is a provider of wireless access connections to business and residential subscribers (there you go, another wireless play).
Banc of America Securities was the lead underwriter.
Thursday saw the 5.1 million-shares for i3 Mobile (IIIM) rise 56 percent to 25, up from its $16 price. By Friday, it was down to 19-15/16.
i3 Mobile's technology provides personalized information, such as stock quotes, weather, traffic, and personal e-mail to users of - you guessed it -- wireless devices.
Deutsche Banc Alex. Brown was the lead underwriter.
On Friday, Saba Software (SABA), a Redwood Shores, Calif.-based company, threw its graduation cap into the air after seeing its shares go to 33 after pricing its 4 million shares at $15 apiece. It was to debut earlier, but held back due to the wild swings of the Nasdaq.
Saba Software offers an Internet-based platform so that employees can learn anywhere with just a Web browser. Some of their customers include 3Com, Anheuser-Busch, and US West.
Goldman Sachs was lead underwriter on the deal.
Numerical Technologies (NMTC) did very well as it saw its opening price of $14 go up 154 percent to 35-9/16.
Numerical Technologies provides patented proprietary technologies and software products used in the design and manufacture of semiconductor devices. Lucent Technologies and Motorola are two of their customers.
CS First Boston was the lead underwriter for the 5.5 million share offering.
Opus360 (OPUS), which delayed its IPO due to the stormy Nasdaq, finally tried the waters on Friday. It moved past 12 after pricing its 7.7 million shares at $10 each.
Opus360 has developed an exchange for companies to hire independent professionals, consultants and other knowledge workers. As of last December, they had over 34,000 free agents registered.
Besides traditional recruiting companies, Opus360 competes with online companies such as Monster.com, Hot Jobs.com, and Techies.com.
Robertson Stephens was the lead underwriter.