TheStreet.com sez:
Broadband a Hit in IPO-Land Friday
By Kevin Max
TheStreet.com/NYTimes.com Staff Reporter
3/17/00 6:06 PM ET
URL: thestreet.com
Updated from 2:22 p.m. EST
Broadband was the shining IPO play of the day Friday, while two new Internet-related issues received a more restrained reception.
Broadband company Universal Access (UAXS:Nsadaq) more than doubled in its first day of trading. But Integrated Information Systems (IISX:Nasdaq) and Netpliance (NPLI:Nasdaq), the two Internet-related companies, rose somewhat modestly in comparison, despite strong demand from financial institutions.
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And shares of Integrated Information Systems rose 5 15/16, or 40%, to close at 20 15/16.
The Tempe, Ariz.-based company helps convert the way companies do business to the Internet. It uses its service Dimensions to conceptualize, enhance, and implement Internet transactions.
Robertson Stephens led the underwriting of 4.6 million shares at $15 each, bringing in $69 million. The initial pricing range was $12-$14.
Integrated has relationships with technology companies Cisco Systems (CSCO:Nasdaq), IBM (IBM:NYSE), Microsoft (MSFT:Nasdaq) and Oracle (ORCL:Nasdaq).
For the nine months ended Sept. 30, Integrated reported that its revenues grew 176%, to $14.7 million, and that it earned $772,000.
Competitors include Agency.com (ACOM:Nasdaq), Breakaway Solutions, Cambridge Technology Partners (CATP:Nasdaq) and Razorfish (RAZF:Nasdaq). |
