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

To: SouthFloridaGuy who wrote (21027)	10/29/1999 11:13:00 AM
From: stan s.	Respond to of 108040

Akamai goes public at $26 a share By Mike Ricciuti Staff Writer, CNET News.com October 29, 1999, 8:00 a.m. PT Web content delivery service Akamai Technologies knows how to make an entrance. The 18-month-old firm went public today in a much-heralded IPO. Akamai issued 9 million shares at $26 per share. The company has raised its IPO range three times, most recently on Wednesday, when Akamai upped its range to $21 to $23 per share. Last week Akamai increased its price range from $16 to $18 a share, up from its original range of $11 to $13. Akamai, which will trade on Nasdaq under the symbol "AKAM," has several industry giants in its corner. For example, Cisco Systems in August entered into a strategic alliance with the company to develop new content routing, switching, and caching technologies to accelerate the delivery of Web content. Analysts said the firm's pre-IPO was already worth more than $1 billion. Cambridge, Massachusetts-based Akamai's IPO comes at a time when the small yet competitive Internet content distribution industry is in rapid flux. Analysts expect the nascent market, which revolves around getting Web content to end users faster by keeping it off the most congested parts of networks, to grow to $2.5 billion by 2002.