Top IPO pick for this week: (CYSV) Cysive is a software engineering firm that designs and builds
complex, highly customized architectures and systems necessary to support large-scale eBusinesses. It has built managed websites of many high profiled companies, including networking superpower Cisco, AT&T, WCOM, QCOM, auto giant DaimlerChrysler, First Union Bank and others.
The market for engineering these highly complex systems, as well as other Internet system work, is expected to explode over the next several years as companies rush to adjust both the business and technological models to be Internet-ready. IDC expects U.S. corporate Internet spending to increase from $85 billion in 1999 to $203 billion by 2002, which represents a 33% compound annual growth rate.
Top competitors: Proxicom, Viant, Sapient, Scient (strong sector, a big plus)
Offerings: 3,350,000, original range 11-13, but because of high institutional demands, Tommie Weisel has raised the offering price to $17.
Underwriters: Thomas Weisel Partners LLC; First Union Capital Markets Corp.; Friedman, Billings, Ramsey & Co., Inc. Not the strongest team in the world but good enough.
Besides CYSV, Morgan Stanley's Women.com and Lehman's Jacada (JCDA) also look attractive. I will write up more on these two later.
|
