Internet IPO Giddiness Is Gone
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In every way you can measure, April was the worst month for Internet IPO debuts in the past year.
No surprise: The spring correction that has ravaged Net stocks since mid-March has done similar damage to the IPO market. Last year, one out of three Internet public offerings gained at least 100 percent in their respective first days of trading. In April, only one of the 13 Net debuts accomplished this feat.
April's average first-day gain of 31 percent is the lowest in at least 16 months, while the number of Internet public offerings is the lowest since March 1999, right before the Net IPO market shifted into overdrive.
With tech stocks nosediving for the past six weeks or so, a number of Internet companies have delayed plans to go public, most notably AltaVista.com, the search engine/portal owned by CMGI.
Average First-Day Return (By Month)
10 Best Internet Debuts of 2000
|eMerge Interactive||Feb. 4||215%|
10 Worst Internet Debuts of 2000
|Hanaro Telecom||March 29||-9%|
|SAVVIS Communications||Feb. 15||0%|
Here are the April Internet IPOs, listed by date, with their first-day performances: