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To: Information Center who wrote (2157)	7/26/1999 6:03:00 AM
From: LABMAN	Read Replies (1) \| Respond to of 3243

more further info on freeserve,will know how the mkt likes at 930 est Search • Site Map • Feedback Front Page • Market Data • Portfolios • Mutual Funds • Personal Finance • Discussion News Index Columns Headlines Enter Symbol: Symbol Lookup Quote News New! Chart Messages New! Broker Research Fundamental Earnings Fund Profiles SEC Filings Stock Snapshot Co. Capsule Annual Reports INVESTools DSP/DRIP New! Portfolios Tool Descriptions Other Services Baseline Reports Signal Online CBSMW Live Also on CBS MarketWatch Futures Market Data U.S. Indexes Market Snapshot StockWatch New Features Commentary New! OptionsWatch Active Trader CyberPitch e-Commerce Futures News How To Spend It Business Travel London Calling Dixons' Freeserve priced at top end Freeserve raises 1.5 billion pounds at 150p a share By Suzanne Miller, CBS MarketWatch Last Update: 3:57 AM ET Jul 26, 1999 NewsWatch LONDON (CBS.MW) -- Two weeks ago when Britain's biggest electronics company Dixons Group PLC issued the pricing range for Freeserve, some investors braced themselves for potential disappointment in the U.K.'s first-ever Internet float. After estimates that Freeserve would raise as much as 3 billion pounds, Dixons came out with estimates that it would raise as much as 1.5 billion pounds, or 130 to 150 pence a share. Worries about a possible disappointment were shunted to the side Monday, however, on news that Dixons has priced the 18.5 percent stake which was put on the public auctioning block at $23.67 a share (150 pence) -- the top end of expectations. Analysts such as Goldman Saches said last week that if Dixons raised 150 pence, it would be deemed a "blow-out". Goldman reckons Freeserve is worth closer to 1 billion pounds. Analysts such as Goldman see Freeserve, the free address for the Internet, as fundamentally overvalued at 1.5 billion pounds, as the company has yet to make a profit since it launched nine months ago and more recently has had a high churn rate -- meaning a lot of customer transience. But that hasn't stopped institutional and private investors from tripping over themselves for a piece of the company, made all the more attractive because there's been so little made available to the public. Freeserve has also had a small army of heavy-weight underwriters lead by Credit Suisse First Boston to push its case in the marketplace. The issue was 30 times over-subscribed, with 50,000 applicants clamoring for a piece of the first pure Internet company to hit the London stock market. Institutional and retail investors can start trading the shares Monday in London and the Nasdaq (FREE: news, msgs) at 1430 GMT (0930 ET). The shares are expected to surge when trading kicks off later, with some saying the price could begin at 200 pence a share. More Suzanne Miller is London bureau chief for CBS MarketWatch 1 Printer friendly format Refer this article to a friend For more breaking news, visit our Front Page. Also, search our news archives: Ticker Keyword (For more options use our Advanced Search) CBSMW MarketPlace Personal Finance : • Get 3.9% APR and 5% Cash Back. Get the Wingspan Platinum Visa • Let the Loan arRanger find you the best rates. Visit our Loan Center. • Finding your dream car has never been easier. Visit our Car Club. New! • Free insurance quotes. Visit our Insurance Center. New! • Get a free copy of your Credit Report online. New! Investing: • The Direct Investor Center, the premier place for direct stock investing. • Access over 250,000 investment research reports. Free membership! • CBS MarketWatch LIVE:real-time equity quotes and news over the Internet. How to Spend it! • Put your market gains to work at the Online Golf Superstore. New! • Explore The Good Life with Cigar Aficionado and Wine Spectator. News Front Page • News Index • Headlines • NewsGuide • Search • Newsroom Staff Data & Tools Market Data • Market Monitor • Charting • Portfolios • Discussion • Trading Center Topics Mutual Funds • Personal Finance Company Company Information • Advertising • Media Kit • Feedback • Jobs • Site Map Services MarketWatch RT • MarketWatch Live © 1997-1999 MarketWatch.com, Inc. All rights reserved. Disclaimer. CBS and the CBS "eye device" are registered trademarks of CBS Inc. Back to Yahoo! London Calling Dixons' Freeserve priced at top end Freeserve raises 1.5 billion pounds at 150p a share By Suzanne Miller, CBS MarketWatch Last Update: 3:57 AM ET Jul 26, 1999 NewsWatch LONDON (CBS.MW) -- Two weeks ago when Britain's biggest electronics company Dixons Group PLC issued the pricing range for Freeserve, some investors braced themselves for potential disappointment in the U.K.'s first-ever Internet float. After estimates that Freeserve would raise as much as 3 billion pounds, Dixons came out with estimates that it would raise as much as 1.5 billion pounds, or 130 to 150 pence a share. Worries about a possible disappointment were shunted to the side Monday, however, on news that Dixons has priced the 18.5 percent stake which was put on the public auctioning block at $23.67 a share (150 pence) -- the top end of expectations. Analysts such as Goldman Saches said last week that if Dixons raised 150 pence, it would be deemed a "blow-out". Goldman reckons Freeserve is worth closer to 1 billion pounds. Analysts such as Goldman see Freeserve, the free address for the Internet, as fundamentally overvalued at 1.5 billion pounds, as the company has yet to make a profit since it launched nine months ago and more recently has had a high churn rate -- meaning a lot of customer transience. But that hasn't stopped institutional and private investors from tripping over themselves for a piece of the company, made all the more attractive because there's been so little made available to the public. Freeserve has also had a small army of heavy-weight underwriters lead by Credit Suisse First Boston to push its case in the marketplace. The issue was 30 times over-subscribed, with 50,000 applicants clamoring for a piece of the first pure Internet company to hit the London stock market. Institutional and retail investors can start trading the shares Monday in London and the Nasdaq (FREE: news, msgs) at 1430 GMT (0930 ET). The shares are expected to surge when trading kicks off later, with some saying the price could begin at 200 pence a share. More Suzanne Miller is London bureau chief for CBS MarketWatch 1 Printer friendly format Refer this article to a friend For more breaking news, visit our Front Page. Also, search our news archives: Ticker Keyword (For more options use our Advanced Search) CBSMW MarketPlace Personal Finance : • Get 3.9% APR and 5% Cash Back. Get the Wingspan Platinum Visa • Let the Loan arRanger find you the best rates. Visit our Loan Center. • Finding your dream car has never been easier. Visit our Car Club. New! • Free insurance quotes. Visit our Insurance Center. New! • Get a free copy of your Credit Report online. New! Investing: • The Direct Investor Center, the premier place for direct stock investing. • Access over 250,000 investment research reports. Free membership! • CBS MarketWatch LIVE:real-time equity quotes and news over the Internet. How to Spend it! • Put your market gains to work at the Online Golf Superstore. New! • Explore The Good Life with Cigar Aficionado and Wine Spectator. News Front Page • News Index • Headlines • NewsGuide • Search • Newsroom Staff Data & Tools Market Data • Market Monitor • Charting • Portfolios • Discussion • Trading Center Topics Mutual Funds • Personal Finance Company Company Information • Advertising • Media Kit • Feedback • Jobs • Site Map Services MarketWatch RT • MarketWatch Live © 1997-1999 MarketWatch.com, Inc. All rights reserved. Disclaimer. CBS and the CBS "eye device" are registered trademarks of CBS Inc. Back to Yahoo!