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Technology Stocks : ITURF Inc. ( NASDAQ:TURF )
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To: Big Dog who wrote (161)4/14/1999 1:47:00 PM
From: Big Dog   of 614
 
London, April 13 (Bloomberg) -- Shares in London Pacific Group Ltd. almost doubled after U.S. investors discovered several private internet companies in which it holds stakes plan to issue shares to the public.

London Pacific, a fund manager formerly called Govett & Co., leaped 187 pence to 406.5. ''We've invested in a number of interesting internet companies as a part of our venture capital strategy,'' said Company Secretary John Grimes. ''We generally take stakes in these companies if we think they'll go public within two years.'' He declined to comment on specific holdings.

The company's American Depository Receipts surged 52 percent yesterday on the Nasdaq. That's after some investors found out that a number of companies held by London Pacific's California- based venture capital subsidiary, Berkeley International Capital Corp., recently filed Initial Public Offering applications with the U.S. Securities and Exchange Commission.

Investors hope these holdings will jump in value when they start trading. Internet-related companies that recently went public in the U.S. have seen their new shares soar. Iturf Inc., the online unit of clothing retailer Delia*s Inc., tripled in value on their first day of trading April 10.

A rash of small internet companies have gone public recently, prompted by gains in companies such as Amazon.Com Inc., which has jumped as much as 1173 percent in the last year.

Yesterday, shares of the U.K.'s largest high street computer retailer Dixons Plc rose 8 percent after it announced it is considering selling shares in its Freeserve internet service.
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