MKTW:More Perspective?
Investors Bid Up uBid
<http://www.techweb.com/wire/finance/story/INV19981204S0005?ls=inv_html>
UBid saw the market do just that when it went public on Friday.
In late-morning trading, shares trading under the symbol UBID rocketed up to 52, a 247 percent jump from the offering price of 15. UBid, the third technology IPO in as many days, was already at 40 when it hit the trading floor. Elk Grove, Ill.-based uBid, a subsidiary of Creative Computers, runs an online auction for close-out and refurbished computer products. After Friday's offering of 1.58 million shares, Creative Computers now owns more than 80 percent of uBid.
Friday's IPO netted more than $20 million for uBid, which said it will use $15 million to pay for advertising, infrastructure, and brand development. The rest of the IPO money goes to general expenses.
Merrill Lynch is the lead underwriter, with William Blair & Co. assisting.
UBid is the latest stock to take advantage of recent investor eagerness for e-commerce issues; Ticketmaster Online-CitySearch shot up <http://www.techweb.com/wire/finance/story/INV19981203S0004> upon going public Thursday. And as is the norm for new Internet companies, while revenue is growing, uBid is still losing money as it works with an evolving and unpredictable business model source: © 12/04/98 TechWeb Finance CMPNet
DBCC option positions... [note today's CALL OPEN position volume]...source: cboe.pcquote.com
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