Looking for IPO Action in India?

The tech-stock filled Nasdaq Composite has taken a drubbing since its
mid-April correction. As a result, IPOs have been postponed and canceled.
Usually, such actions make investors feel that there is something that
doesn’t “smell right” about the offering.

But this is not always the case. Metawave
Communications
originally filed in July 1998 and
actually withdrew the offering two months later. This year it tried again
and launched in April with a $9 offering price. It is currently at 26.
Perhaps there are some opportunities in the bad IPO market, huh?

Here are some IPOs that are coming up.

Accelerated Networks
markets telecommunication products for voice and data services over a single
broadband access network, such as digital subscriber line (DSL), T1, NxT1,
or DS3. This helps service providers to offer high speed Internet access,
local dial tone, long distance voice, frame relay, and voice and data
virtual private network services.


Founded in 1996, Accelerated Networks sells directly and through other
manufacturers. This includes CTC Communications, FirstWorld
Communications, and MCI WorldCom. Siemens owns 20% of the company.

The lead underwriter is Credit Suisse First Boston. The proposed market
symbol is ACCL and the price range is $9 to $11.

Located in India, Silverline
Technologies
is a provider of information technology services. They
focus on application development, migration and maintenance and e-business
solutions. They have development centers in the U.S. and India.

Silverline clients include First Data, Sky Capital International, and J.P.
Morgan. They had revenues of $87 million in 1999, and a loss of $15
million. Most of their revenue comes from clients in the U.S. and Europe.

Actually, India has had several hot IPOs. Looks like there will be a silver
lining for Silverline, too.

The lead underwriter is Salomon Smith Barney. The proposed market symbol is
SLT and the price is $19.68.

Genuity is the business ISP and data
carrier arm of GTE. Genuity serves businesses, providing Internet access,
transport and transit of data traffic, Web hosting, and e-commerce services.
America Online accounts for half of Genuity’s sales.

Last month, Inktomi, a developer of scalable Internet infrastructure
software, and Genuity announced a technology alliance. Genuity will use
Inktomi Traffic Server and Content Delivery Suite across its dedicated
global network infrastructure to enhance content distribution and streaming
media services.

With such backing, Genuity should do well.

The lead underwriter is Morgan Stanley Dean Witter. The proposed market
symbol is GENU and the price range is $12 to $15.

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