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Technology Stocks : Red Hat Software Inc. (Nasdq-RHAT)
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To: Matthew Wecksell who wrote (123)7/17/1999 2:21:00 PM
From: Gerald Walls  Read Replies (1) of 1794
 
I took a look at etrade to try to get into this IPO and it looks like a new account from a user whose job doesn't let him monitor their IPO center all day has no luck getting in.

No, that used to be the way it worked. And since I'm a software engineer sitting in front of a computer in Phoenix (MST) during the time that E*Trade always posted their IPOs, I just set up an every-20-seconds auto refresh on their IPO page and I was able to get about a dozen of them. You had to apply in the first two minutes to get shares. Now, however, they've went to a lottery method of allocating shares where they hold the application window open for at least two hours and I've been shut out for the last three or four I've applied for.

It's a shame IPOs don't go out with a dutch auction.

Why? If you buy into a dutch auctioned-IPO you may as well not bother with the IPO and buy it in the open market. If dutch auctions become the norm for IPOs then interest in risky .com IPOs would drop substantially and the deals wouldn't get done. Why should someone risk their money buying into an IPO when they won't get a bigger reward than someone who buys in the open market?

I'll bet the IPO is $12, the opening tic is $20, and by the time the institutional investors finish and little guys like me can buy in at 2pm, it'll be at $30, with a big risk if I buy in and an easy profit for insiders. *sigh*.

With the buzz it's getting I'd bet it opens at a triple.
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