Winter In July

The pace is slowing slightly for Internet IPOs this month, but the
average first-day return could be higher than any since January, thanks
to several big debuts and no real misfires (yet).

TIBCO Software’s initial public offering on Wednesday is the 10th
Internet IPO this month. Given that we’re almost half-way through July,
it’s not likely that the record of 32 Internet IPOs set in June will be
broken, and we may not even equal the second-busiest month, May, when 26
offerings were made.

July’s moonshot rate, however, is the highest since January, when all
four Internet IPOs closed on the first day of trading at twice the offer
price or more. So far four out of the nine July ‘Net offerings through
Tuesday looked like the rocket blasts to which the market had grown
accustomed early in the year. This month’s debut average of 140% above
the offer price is eclipsed only by January’s 241%.

Equally significant in terms of measuring the market’s confidence in
Internet IPOs is the fact that no ‘Net offering has flat-lined in July.
The poorest first-day performance so far has come from CommTouch
Software, which saw its stock price close at “only” 50% above the $16
offer price on Wednesday, and which was overshadowed by China.com’s IPO.

With TIBCO trading Wednesday afternoon at more than twice its $15 offer
price, and with strong debuts expected from online audio-text vendor
Audible, medical information site HealthGate Data and digital subscriber
line access provider Efficient Networks, it’s looking like a
surprisingly bullish early summer for Internet IPOs.

300 Here We Come

China.com’s IPO did more than roar above Wall Street Tuesday like a
powerful missile built with technology stolen from the U.S. It also
became the 200th company to join internet.com’s InternetStockList and
Internet StockTracker subscription newsletter.

Since debuting in March with 116 companies, InternetStockList has
grown 72% and is the largest list of publicly traded Internet companies
available online.

If you haven’t checked out the list, it provides historical information
on Internet IPOs, as well as links to current quotes and the latest SEC
filings.


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