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Technology Stocks : America's Doctor IPO via Medical Advisory Systems (DOC)
DOC 17.97+2.2%Oct 31 3:59 PM EST
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To: Jeff Litwin who wrote (11)7/27/1999 9:29:00 PM
From: Glenn Petersen  Read Replies (2) of 30
 
AmerciasDoctor.com (AMDR) has filed its amended S-1 and they have announced that they are selling 7.25 MM shares at a range of $8-10 per share. They are looking to raise $60.0 MM and they will have 24.93 MM shares outstanding after the offering. The $60.0 MM buys 29.03% of the company. If we assume that the deal is priced at $8, which is probably unlikely given the excitement surrounding this segment, the company is being valued, pre-IPO, at $200.0 MM.

MEAS' pre-IPO interest in AMDR is 14.5%. Assuming that 29.03% of the company is sold off, MEAS will retain a post-IPO interest of 10.29%. If we assume that AMDR doubles from its offering price, MEAS' 10.29% would have a gross value of $41.16 MM ($400.0 MM times 10.29%). Discount the $41.16 MM by 40% to reflect tax and liquidity issues, and you are left with $24.696 MM, or $5.24 per share ($24.696 MM divided by 4,716,438 shares).

Based on Tuesday's closing price of $15.75 per share, that would value
the remainder of MEAS at $10.51 per share. MEAS is solidly profitable. Check out their financial statements.

Also note that KOOP, which is a competitor of AMDR, came out at $9 per share, spiked to 45 3/4 and currently sits at 25 5/16.

The Form 10KSB for MEAS can be found at:
sec.gov

The initial AmericasDoctor.com S-1 can be found at:
sec.gov.
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