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Technology Stocks : Redback Networks, Inc. (RBAK)
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To: George Gotch who wrote (17)5/19/1999 4:48:00 PM
From: William F. Wager, Jr.  Read Replies (1) of 1956
 
Redback jumps into IPO Hall of Fame


By John E. Fitzgibbon Jr.
Redherring.com
May 19, 1999

Morgan Stanley Dean Witter kicked off the
IPO week with a real screamer when the firm
offered 2.5 million shares of Redback
Networks (Nasdaq: RBAK) at $23 a share.

After opening at $67.25, the
IPO never looked back,
closing at $84.13, near its
high of $84.75. Volume was
huge as the new issue
traded over 5.5 million
shares.

"It wasn't so much what the
company does, but more of
the distribution by the
Morgan Stanley Dean Witter
syndicate desk that make the IPO pop," says
one money manager. "There were only two
and a half million shares, and Morgan Stanley
gave out those shares with an eyedropper."

Due to heavy demand, the
deal had been accelerated
from an expected June
offering, when the price
range was sharply
increased from $12-$14 to
$23. As a result, the offering
had all the makings of a IPO
Hall of Fame candidate. The
icing on the cake was the
very limited number of shares placed in each
investor's hands.
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