The proposed ticker symbol is ONEM and the amended S-1 that was filed on March 3, 1998 talks about a price range of $18-20. Assuming that the underwriter exercises their overallotment option, there will be 20,416,502 shares outstanding after the IPO. The actual number of subscribers was up to 331,800 as of December 31, 1998.
The acquisitions of the 17 ISPs, which includes some contingent payments, make this a complicated deal and I would encourage potential investors to spend some time reading the prospectus. There will be enormous goodwill expense for the next three years. No big deal. The recently amended S-1 can be found at:
sec.gov
Assuming that the IPO is priced at $20 per share, each of the individual customers is being valued at approximately $1,230, about half of the valuation being accorded the other public ISPs. While ONEM is going to have to deal with various issues related to the integration of their acquisitions, that may not have any impact on how the company is viewed in the aftermarket. Assuming that there are no significant changes in the next amendment to the S-1, I would guess that the stock opens somewhere north of 45. Does anyone know how I can get allocated some shares? |
