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Technology Stocks : UPCOMING IPO'S

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To: Kaz who wrote ()	10/17/1997 10:00:00 AM
From: Thomas	of 11

Tier Technologies IPO (TIER) Fast growing IT services company, with 200%+ revenue growth (Qe 9/97 vs. Qe 9/96), growing through acquisitions and internal growth. Looks promising. Implied market cap will be around $100 MM based on low end of the range. Based on annualized Qe 9/97 revenues, it looks fairly priced at 3.2x revenues (Market Cap/ annualized revenues). Last I looked, companies in this sector were trading around 4.5x revenues. Due to the small size of the offering and low capitalization, Tier may not make it onto institutional radar screens out of the box. Their S-1 is available from the SEC EDGAR web site (http://www.sec.gov/cgi-bin/srch-edgar). Let me know if you have any any thoughts. Regards, Tom P.S. Ran across a cool new site: WWW.IPO.COM that offers IPO roadshows and also private equity investment opportunities to accredited investors.

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