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IPO Daily Report
The U.K. Internet IPOs are coming
Pair of British-based Net firms tap U.S. market
By Bambi Francisco, CBS MarketWatch
Last Update: 04:50 PM April 28, 1999
Net Stocks
Internet Daily
NEW YORK (CBS.MW) -- As the United Kingdom moves haltingly
toward the online world, British companies are going across the pond for
funding.
U.S.-listed shares of U.K.-based Topjobs.net PLC
(TJOB: news, msgs) debuted on Wall Street
Wednesday at $15 -- 25 percent above their
offering price. They climbed as high as 21 3/16 and
were changing hands at 19 1/2 with a bit more than
an hour left in the trading day. Ladenburg,
Thalmann & Co., the lead banker on the deal,
raised $39.6 million at $12.
Topjobs provides management, professional and technical recruiting
online.
"The Internet market abroad, with Europe being the closest, is trailing the
U.S. by about 18 months," said James Preissler, an Internet analyst at
PaineWebber. "The environment is right for these companies to get access
to U.S. capital and valuations of comparable companies."
While Preissler said these European companies present a compelling
investment opportunity, given their growth prospects, there may be "some
market-education pains" that could make for a "rocky road" to
development.
Going to town
TownPages (TWP: news, msgs) is expected to price 2 million shares at
$10 on Thursday and begin trading Friday. The company offers a
U.K.-focused portal that acts much like a local city guide. TownPages
also has "public information point" kiosks in various locations for
consumers who don't have their own computers.
Next month, another Net offering focused abroad will hit the public
market.
Starmedia (STRM: news, msgs), an online portal in Latin America, just
filed the details of its IPO. The company expects to raise $77 million by
offering 7 million shares at between $10 and $12. Goldman Sachs, the
lead underwriter, is expected to price the deal the week of May 31.
Preissler predicted IPOs from a slew of online firms that are either based
overseas or located in the U.S. and operating abroad.
Still flying
Web consulting firm Razorfish (RAZF: news, msgs) jumped 16, or 48
percent, to 49 1/2. On Tuesday, the recent IPO ran up 109 percent, or
33 1/2 points, on top of the initial offering price of $16.
The Manhattan-based firm raised $48 million by offering 3 million shares.
Credit Suisse First Boston led the deal.
The company is vying for a piece of the $2.4 billion worldwide Web
consulting business. By 2002, the market is expected to grow to nearly
$33 billion. See full story.
Bambi Francisco is a reporter for CBS MarketWatch.
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