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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: kathyh who wrote (214)3/25/1999 8:05:00 AM
From: Kimberly Lee  Read Replies (5) of 108040
 
Today's IPO: ONEM (Alex's Brown's AutobyTel.com won't price until tonight)

Briefing's take on ONEM:
ONEMAIN.COM (ONEM):Could the initial public offering of Southampton, NY-based Internet access provider, OneMain.com, be
the harbinger of a coming correction in Internet stocks? The company, which provides Internet access services in rural
communities, is employing the "roll up-to-IPO" strategy. OneMain.com is the amalgamation of 17 Internet service providers that
will be acquired simultaneously with the closing of the initial public offering. The company will instantly become the 10-largest
independent Internet service provider in the U.S. with approximately 331,800 subscribers. Briefing.com has observed that these types
of roll up deals have foreshadowed market corrections in health care information services companies, oilfield drilling/services stocks
and physician practice management companies. Fundamentals: The 8 million share offering will be led by BT Alex. Brown and is
expected to price between $18 and $20 per share. On a pro forma combined basis, the company's Internet service providers
generated $56.7 million in total revenues for the year ended December 31, 1998. OneMain.com's net loss was $67.61 million or $3.57
a share. Based on the 18.9 million shares to be outstanding at the conclusion of the offering, ONEM will sport a market-cap of $378
million and a trailing price/sales ratio of 6.67, compared to a P/S of 22 carried by MindSpring Enterprises (MSPG) and 9.5 by
EarthLink Network (ELNK).
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