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Autobytel.com, Autoweb.com to Lead Internet IPOs Next Week
Bloomberg News
March 19, 1999, 1:33 p.m. PT
Autobytel.com, Autoweb.com to Lead Internet IPOs Next Week
New York, March 19 (Bloomberg) -- Four Internet companies
plan initial stock sales next week, and investors say they're
likely to meet a rousing reception.
The Internet companies include two automobile Internet
sites: Santa Clara, California-based Autoweb.com Inc., an online
auto dealer, and Irvine, California-based Autobytel.com Inc.,
which operates a Web site for purchasing new and used vehicles.
Autoweb.com plans to sell 5 million shares at $10 to $12, raising
about $55 million. Autobytel.com plans to sell 4.5 million shares
at $16 to $18, raising about $76.5 million.
Three non-Internet companies also plan initial stock sales,
though they are likely to be relatively neglected, analysts and
investors say.
''The Internet stocks are sucking the oxygen out of the
market,'' said David Menlow, president of the IPO Financial
Network, a research firm in Millburn, New Jersey, that rates
IPOs.
The market for IPOs with online ties remains very robust,
observers say, as Internet stocks soar. The Inter@active Week
Internet Index rose 7.8 percent this week.
Non-Internet IPOs are drawing less enthusiasm. Some non-
Internet companies that went public earlier this month aren't
trading very well, including Argosy Education, which is below its
issue price. Boyds Collection Ltd. is trading near its issue
price.
Internet IPO Demand
Judging by the way investors snapped up Internet IPOs this
week, the Internet IPOs should meet strong demand, investors say.
IVillage Inc., which runs Internet sites with news and
information for women, more than tripled today, its first day of
trading after it sold shares to the public. The stock rose 56 1/2
to 80 1/3, even though it has a history of losses.
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