NEW YORK, Dec 18 (Reuters) - As one of the last members of
the Internet IPO class of '98, Audiohighway.com shares rose 2
points to 9 on their first day of trading after the company
priced 2.2 million shares on Wednesday night.
The company did not start trading on Thursday as previously
expected, as Audiohighway was waiting for clearance from the
NASD, according to lead underwriter Paulson Investment Co.
David Menlow, analyst at the IPO Financial Network,
anticipated the stock's upward performance.
"I am not at all surprised. The .com venue is still very
much alive," Menlow said.
Menlow believes that the company gained additional
attraction, as it is a unit offering.
The warrants were trading off 1/8 at 1-7/8.
"This is the first unit offering of late and offers an
extra sizzle in a sector that is still hot," Menlow.
Some analysts had been skeptical about the offering's
success, as the company had lowered the original filing price
to $6 a share, down from $12-$15 back in November.
Audiohighway.com provides Internet-based services to
download and playback audio recordings.
Copyright 1998, Reuters News Service |
