Thanks dk, I especially like the highlighted excerpts below:
<<<.........Normally closed to the press, IManage allowed CBS.MarketWatch.com to attend the event Nov. 10 under an embargo on releasing articles until the end of the company's quiet period on Dec. 13........... This is something he's been planning for years ever since he joined the company way back in 1995. IManage didn't rush to do its IPO. It decided to wait until it had a longer track record.
The objective is to get "subscribers" for the company's "book" of investors, in order to drive up demand for the stock and raise money it needs for growth.
IManage's IPO is composed of 3.6 million shares at a price range of $8-to-$10 per share.
Reading reactions from the grizzled investors isn't easy. Some act friendly and don't buy while others ask tough, cynical questions only to put in large orders.
This is what Panjwani learns later on. During the road show, the banker's never really tell him exactly how things are going until days later, when it's time to price the shares for market.
The road show by IManage is one of about 500 domestic initial public offerings that have made the circuit this year, the most since 1996.
Out of those, about 279 are Internet-related, up from about 44 Web IPOs in 1998.
In this year's bull market, Internet IPOs have gained 90.4 percent over their offering prices on their opening day, and 126 percent after 30 days.
One factor in favor of I-Manage is its status as an e-commerce enabler, a player in the hot business-to-business category of companies that help other firms make money on the Internet.
Standouts in the space include Calico Commerce (CLIC: news, msgs), Tibco (TIBX: news, msgs) and Silverstream (SSSW: news, msgs), all of which have soared.
Challenge
The challenge with I-Manage, as with many smaller IPOs of less than $100 million, is to set itself aside from the flood of other deals and win a following.
Although it's a hungry market overall for IPOs, a home run is no sure thing, especially if the road show bombs out.
Used to pitching his company to technologically savvy chief information officers at prospective clients, Panjwani now must aim his effort at a seasoned Wall Street audience.
He starts off by mentioning the company's relationship with Wal-Mart (WMT: news, msgs) -- a great name to drop since the No. 1 retailer is such a Wall Street darling.
Potential investors seem passively interested, but they give off the appearance that they've heard it all before.
They jot down a few notes, polish off their chicken plate, and listen.
Panjwani explains how IManage helps companies handle the information overload of faxes, voice mail and images.
It's part of a new category called information commerce that'll reach $25 billion by 2003 and $7 billion for software vendors in the space.
Shying away from the more technical intricacies of IManage, he focuses instead on how customers such as Nasdaq and legal firms use its products.
IManage's software helps bring information into a centralized repository, and then disseminates it through e-mail and the Web.
Instead of mailing out messages or faxing something like an analyst report or a legal document, all you have to do is drag a message into a folder representing a group of employees, clients, or customers you want to reach.
The motion automatically launches e-mail to the recipients. Instead of attaching the documents that eat up server capacity and storage space, the e-mails contain a link to a Web-based repository. Users click onto the link to receive the information.
The results save time and money. There's also a viral effect, because the IManage brand appears on the browser interface linked to e-mails.
As the e-mails get sent out, say for Wal-Mart, IManage gets its name spread through cyberspace.
Rivals
Panjwani dismisses potential rivals such as Agile (AGIL: news, msgs), Marimba (MRBA: news, msgs), IBM (IBM: news, msgs), Informatica (INFA: news, msgs), and Viador (VIAD: news, msgs). IManage's competition is instead with companies attempting to build their own information dissemination systems.
Other selling points: IManage has a big customer base of several hundred with no one client having more than a 5 percent share of its revenue.
Interest
Up to now, the fund managers seem interested, but not enthusiastic. When Panjwani points out that IManage software helps analysts more easily disseminate their reports, notes, and ratings to fund managers, a collective light bulb seems to turn on in the room.
As the session winds down, a group of investors gather around Panjwani, or a few go up to Chip Vetter, director of corporate finance for BancBoston Robertson Stephens, to chat.
Panjwani seems pleased.
"I think they got it!" he said triumphantly. "We altered the pitch from yesterday. They get what we do."
After thoroughly answering questios and warmly shaking hands, he picks up his brief case and rushes off to the next meetin
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