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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: swisstrader who wrote (15667)	9/15/1999 5:59:00 AM
From: swisstrader	Read Replies (1) \| Respond to of 108040

Reuters News on PPRO + compare with Ariba... September 14, 1999 Purchasepro.Com Doubles Post-IPO --------------------------------------------------------------------------- REUTERS INDEX \| INTERNATIONAL \| BUSINESS \| TECHNOLOGY -------------------------------------------------------------------------------- Filed at 12:43 p.m. EDT By Reuters NEW YORK (Reuters) - Business-to-business Internet company PurchasePro.com Inc. more than doubled following its initial public offering as investors welcomed the first IPO to hit the market in some two weeks. The Las Vegas-based company priced 4 million shares at $12, the middle of its expected range, through lead underwriter Prudential Securities. The offering represented 22.2 percent of its outstanding shares. Its shares were last up 14-5/8 to 26-5/8 on Nasdaq. ``The market has been in abstinence and here's the first IPO and (the market) is going to have a binge. This IPO is getting more reward than it would have gotten before,' said Irv DeGraw, director of research at WorldFinanceNet.com ``It is a 'me-too' business-to-business service firm. There are a lot of other companies out there like it.' PurchasePro.com, which offers a Web site for small and medium-size businesses to buy and sell a wide range of products and services, was one of the many IPOs delayed by the volatility in August that resulted in many deals raising less than expected and led to many ``broken' IPOs. ``It doesn't mean it's a bad thing (that it waited). The market was not there when it wanted to go public,' said Steven Tuen, an analyst at IPO Value Monitor. ``It's another spin on business-to-business Internet company and that's widely viewed as the place to be versus the consumer side of the business because there is potential for revenue. I would group it with Ariba Inc. or Commerce One Inc. `` This week's handful of offerings will help set the tone for the rest of the year, Tuen added. He said there was still some hesitancy in the market and things could change dramatically at any time.