mktw article basically said that of the eight ipos that have gone up more than 500% this year, five are infrastructure cos. like fdry is... definitely one to watch... and 50 may be conservative jake... <g>
Foundry to fire up Wall Street
Networking firm prices above upped range
By Steve Gelsi, CBS MarketWatch
Last Update: 9:26 AM ET Sep 28, 1999 Movers & Shakers
NEW YORK (CBS.MW) -- Foundry Networks is set to fire up Wall Street Tuesday after its initial public offering priced above its already increased range.
The Internet infrastructure specialist (FDRY: news, msgs) will offer 5 million shares at $25 each, above its $22 to $24 range.
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The Sunnyvale, Calif., maker of networking products for businesses and Internet service providers has already seen a 67 percent gain over its original range of $14 to $16 per share.
"That's huge," Revell Horsey, Bank of America's syndicate manager, told CBS.MarketWatch.com. "There's a lot of confidence in anything that specializes in the plumbing of the Internet. There's a big opportunity there and there's plenty of room for players. We're just at the edge of the wave in terms of understanding the implications of the Internet and how we do business."
Rich vein
Foundry is mining a rich vein in the IPO market. Of the eight firms with gains of more than 500 percent this year, five are networking and Internet hardware specialists, according to CommScan Analytics EquiDesk.
Juniper Networks (JNPR: news, msgs) has shot up 508.5 percent from its June 25 IPO price; Redback Networks (RBAK: news, msgs) is up 974.7 percent since May 18. Ariba (ARBA: news, msgs) has advanced 662.5 percent since June 23 and F5 (FFIV: news, msgs), a networking specialist, gained 589.4 percent since June 4, according to CommScan.
And the biggest gainer of the year is Brocade Communications Systems (BRCD: news, msgs), a seller of fiber channel switching solutions for storage area networks, with a whopping 1,006 percent since its debut on May 25.
Foundry is also a Renaissance Capital (IPOSX: news, msgs) Pick of the Week.
Medscape
Online medical site Medscape (MSCP: news, msgs) priced its 6.6 million share offering at $8 each, the middle of its lowered $7 to $9 range in a bid to raise $53 million with lead underwriter Donaldson, Lufkin & Jenrette.
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Updated:
9/28/99 9:37:40 AM ET
Medscape upped the size of its offering to 6.6 million from 5.4 million and trimmed the price range from $11 to $13 ahead of its debut.
The medical information portal company has drawn a 38 percent investment from CBS, which plans to sponsor a new medical information Web site with Medscape. CBS owns a significant stake in MarketWatch, the publisher of CBS.MarketWatch.com.
Calico Software
Calico Software (CLIC: news, msgs), an e-commerce specialist, delayed its debut for the second time. Originally expected to price last week, Calico was again postponed from its expected Tuesday debut. It'll now price Tuesday for trading on Wednesday, according to CommScan.
Demand for the e-commerce software company is healthy, as shown by its price range increase to $16 to $18 from $12 to $14. But it also trimmed the size of the offering to 3.9 million shares from 4.4 million shares.
Calico is in line to raise $51 million with Goldman Sachs as the lead underwriter.
Alteon Websystems
Alteon Websystems (ATON: news, msgs) saw its shares skyrocket another 50 percent on Monday, on top of its nearly 300 percent gain on its debut on Friday. The company now has a market cap of $1.4 billion.
The stock went public at a price of 19. On Monday, it rose 37 1/8 to 112 1/16.
Net Zero (NZRO: news, msgs) fell 3 13/16 to 25 5/16 on its second day of trading. |
