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To: Bill Harmond who wrote (78423)	9/24/1999 9:27:00 AM
From: Eric Wells	Respond to of 164687

In the wake of a falling market, we still have internet companies with business models that call for giving away services for free, coming out with IPOs - and being so bold as to raise their offer prices by incredible amounts the day before the offering. The game goes on. They call this a "quality deal" - one can only wonder at the irony. If the market tanks today, I think this one may get punished. From CBS Marketwatch: cbs.marketwatch.com ================================== Net Zero prices for Friday debut Microsoft files IPO for Web travel unit, Expedia By Steve Gelsi, CBS MarketWatch Last Update: 8:50 AM ET Sep 24, 1999 Also: Movers & Shakers NEW YORK (CBS.MW) -- Net Zero priced its initial public offering at the top of its upped range as the free Internet service readied its trading debut in the face of a rocky market Friday. Despite a downward bias in the market following a big selloff in technology issues, Net Zero (NZRO: news, msgs) set its share price at $16, the top of its $14 to $16 range. "Quality deals remain quality deals even in down times," said Vincent Slavin of Cantor Fitzgerald. Even before it's gone public with lead underwriter Goldman Sachs, Net Zero's worth has jumped about 50 percent. On Thursday, the Westlake Village, Calif. company upped the expected range of its IPO to $14 to $16, from $9-$11. The company, which offers free Internet service in exchange for the right to show advertising to its customers, is set to raise a maximum of $160 million. Lee Klaskow of MCM CorporateWatch said it's rare for a company to up its range by $5. Usually, it's done in increments of $2. "It shows there's a lot of demand," he said. One of the owners of the company is Compaq (CPQ: news, msgs), which holds an 8.7 percent stake. Launched in Oct., 1998, Net Zero registered 1.2 million users by the end of June for service offered in 1,100 U.S. municipalities. In June, about 613,000 of its members logged on; they received about 830 million ad impressions. ================================== -Eric