WCAP
Lately, the stock has been stagnant, but this high-tech incubator has a number of potential catalysts on the horizon. Note that WCAP trades below book value, as of Friday's close, but has a portfolio of 11 public companies and 15 private high-tech companies. Most of the private high-tech holdings are Internet firms that are clearly en route to their IPOs.
(1) Portfolio company Eprise Corporation has filed to go public. It has submitted a S-1/A and, according to IPO Express Calendar, is expected to price next week. WCAP holds 324,675 shares at $1.54 per share. The preliminary price range is $8-10 per share. Underwriters are Deutsche Banc Alex. Brown, Dain Rauscher Wessels, Wit Soundview.
biz.yahoo.com
(2) Portfolio company ScreamingMedia.com has filed to go public. It has submitted a S-1 and is expected to price the week of April 17. WCAP holds 88,000 shares at $5.60 per share. No price range has been announced. Underwriters are Credit Suisse First Boston, Deutsche Banc Alex. Brown, Dain Rauscher Wessels.
biz.yahoo.com
(3) Portfolio company etang.com, a portal that serves the 18-35 "yuppie" population in mainland China, recently said that it is aggressively moving to go public, ideally in the first half of 2000. The company was founded by two Harvard MBAs and has already raised $49.5 million in venture funds, despite the fact that it only launched its Web site in Nov 1999. Terms of WCAP's announcement were not announced. Recent news articles on etang.com (AP, Reuters) and an interview with co-founder Tang Haison are available at:
biz.yahoo.com
biz.yahoo.com
powerize.com
(4) Semiconductor industry sources report that portfolio company Vivid Semiconductor has received a buyout bid from Philips Semiconductors. Vivid Semi is the second-largest investment WCAP has made: Cyberian Outpost, $2.7 million (now worth $12,953,043 in the public market); Vivid Semi, $1.9 million (valued at cost as a private holding); Commerce One, $1.4 million (now worth $128,314,608 in the public market).
eocenter.com
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