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Pastimes : Blast from the Past! Favorite News Items from the Bubble!
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To: TheStockFairy who wrote (4)4/5/2002 12:55:13 PM
From: TheStockFairy   of 13
 
It looks like the Internet initial public offering market might be back. The IPO of PurchasePro.com (Nasdaq: PPRO), which provides business-to-business e-commerce services for small and medium-sized businesses, had a strong debut on Tuesday. The IPO was priced at $12 -- the middle of the proposed range -- and the stock closed its first day of trading up nearly 118 percent, gaining 14-1/8 to 26-1/8.

Volume was brisk, with nearly 13 million shares changing hands, compared to the four million shares offered in the IPO. The success of PurchasePro.com's IPO isn't really a surprise. Business-to-business e-commerce is an extremely hot sector right now. Forrester Research projects that the market will grow from $43 billion in 1998 to $1.3 trillion by 2003.

Shares of PurchasePro.com were holding strong this morning, gaining 7/16 to 26-9/16 in early trading.
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