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To: re3 who wrote (92418)	1/28/2000 11:01:00 AM
From: H James Morris	Respond to of 164684

Ike, got some 724 (svnx) but they priced it @ 26!!!!! You should get in on this Toronto stock. > Toronto, Jan. 28 (Bloomberg) -- Shares of 724 Solutions Inc., whose software allows wireless banking, may rise following a larger-than-expected $156 million initial public stock offering. The Toronto-based company sold 6 million shares at $26 each yesterday. The shares were sold $4 above the top of the $20 to $22 range set by Credit Suisse First Boston Corp., which is managing the sale. The bank had already raised the range from $11- to-$13. Raising the expected range of an initial stock sale, and selling the shares for more than expected, typically indicates strong demand for a company's stock that will likely carry over once the shares begin trading. 724 Solutions looks set to at least double, said John Fitzgibbon, an analyst at RedHerring.com, an Internet publication that covers companies focused on technology. Investors are very receptive to companies involved in wireless communications, he said. Also, ``the deal's been increased a couple of times, and priced above the range,' he said. Mobile Banking Toronto-based 724 Solutions, founded by Chief Executive Gregory Wolfond in 1997, develops software for banks to provide services and deliver stock quotes over wireless phones, Palm- pilots or pagers via the Internet. Wireless banking promises to make financial services available to customers anywhere at anytime. The software maker's investors include: Citigroup Inc.'s online unit e-Citi with an 18-percent ownership after the initial sale; Finland's Sonera Corp. with 18 percent; Bank of America Corp. with 9 percent; and, Bank of Montreal with 9.7 percent. Bank of Montreal, Canada's third-largest bank, was the first to test 724 Solutions software in a market trial of delivering wireless banking services and information through Qualcomm Inc. mobile phones and 3Com Corp. PalmPilot computing devices last May. Shares of Aether Systems Inc., a competitor of 724 Solutions, have risen more than eight-fold from their Oct. 20 initial sale of $16 each. The shares closed yesterday at $135 1/2. 724 Solutions expects to use from $40 to $70 million of the proceeds from the initial sale to develop its software, and the remainder for general corporate purposes, it said in its IPO filing with the U.S. Securities and Exchange Commission. 724 Solutions will begin trading later today on the Nasdaq Stock Market under the symbol ``SVNXV.' Robertson Stephens and Thomas Weisel Partners LLC assisted in the sale. Jan/28/2000 9:18