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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: $Mogul who wrote (13910)8/17/1999 8:20:00 AM
From: Kimberly Lee  Read Replies (1) of 108040
 
Good morning, everyone. I expect Morgan Stanley's SSSW will take the center stage in the IPO market today. Priced at $16 and with a float of only 3M, robust revenues growth and a highly celebrated client list, I would be very surprised if it doesn't at least double today.

From Briefing:
SilverStream Software (SSSW) Burlington, MA-based SilverStream is a developer of Web application server software, which boasts MCI WorldCom, Hewlett-Packard and the
Internal Revenue Service as customers... For the six months ended June 30, SilverStream logged revenue of $7.8 mln, an increase of 346% from the
year-ago period. Net loss widened to $9.6 mln from $6.6 mln. Gross margin was 50%... Based on company's projections, the market for application
server software will grow from $412 million in 1998 to $2.2 billion by 2002... SilverStream is planning to sale 3 million shares at $13 to $15, with
Morgan Stanley Dean Witter handling underwriting duties. Of the company's SilverStream competes against (including IBM, Sun Microsystems,
Microsoft and Oracle), only BEA Systems (BEAS) small enough to receive any type of trickle-down benefit from a successful SilverStream debut. But
with a market-cap of $2 bln and a float of 24.3 mln shares, BEAS shares are not likely to run in sympathy. - DS
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