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Technology Stocks : Son of SAN - Storage Networking Technologies
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To: Kerry Lee who wrote (1190)4/29/1999 2:21:00 AM
From: Douglas Nordgren  Read Replies (2) of 4808
 
Kerry,

Thanks for the keen exposition and plausible estimation.

Wonder what price BRCD would fetch in an Open IPO "Dutch - auction."
thestandard.com

For years, renegade investment bankers on both coasts have promised that the Internet's leveling effect would soon erode the insider's IPO advantage. Earlier this year, veteran banker Bill Hambrecht left the outfit he'd headed for decades and struck out on a new trail called. OpenIPO (www.openipo.com). The system, WR Hambrecht claims, "gives everyone equal access to the IPO," by enabling both
individuals and institutions to give sealed bids for shares prior to the IPO.

Does it work – meaning, can I make an instant fortune? Everyinvestor must find out. Last week, the Internet magazine Salon (www.salon.com) announced that it was going to go public, with 2.5 million shares offered at a price determined entirely through this process. The model is called a "Dutch auction," and it is approximately the way the price of deferal Treasury securities is determined.

For about two months, WR Hambrecht will take sealed bids on Salon stock. People are supposed to bid what they think Salon shares are really worth. When all the bids are in, Salon and Hambrecht will determine the lowest possible price – let's call it P – at which all shares can be sold. Anyone who bids more than P will get all the shares they asked for, at the P price, anyone who bids exactly P will get some of the shares they asked for; anyone who bids below P gets zip.
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