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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (47709)	2/15/2002 11:11:01 AM
From: stockman_scott	Respond to of 65232

Here's an Internet IPO that's doing OK all things considered... PayPal rises 42 percent in trading after IPO NEW YORK, Feb 15 (Reuters) - Shares of PayPal Inc (NasdaqNM:PYPL - news) on Friday rose as much as 42 percent in their first day of trading after the fast-growing Internet payment service raised $70.2 million in an initial public offering. PayPal, which has emerged as a currency of choice for many users of popular online auction site eBay Inc. (NasdaqNM:EBAY - news), rose $4.25 to $17.25 in mid-morning on the Nasdaq market. Earlier, the shares traded as high as $18.45. PayPal late on Thursday sold 5.4 million shares at $13 each, within the expected price range of $12 to $14 each. The sale of the 9 percent stake gave the Palo Alto, California-based company an implied market value of about $778 million. Although PayPal launched its online payment system just two years ago, it had 10.6 million business and personal accounts as of Sept. 30, according to its IPO prospectus. Payments made through PayPal amounted to $2.3 billion for the nine months ended Sept. 30. Revenues grew to $30.2 million for the three months ended Sept. 30 from $2.3 million in the year-earlier quarter. PayPal had accumulated losses of $264.7 million from its inception in March 1999 through Sept. 30. Underwriters for the IPO included Salomon Smith Barney, a unit of Citigroup Inc.(NYSE:C - news), Bear Stearns & Cos. (NYSE:BSC - news), William Blair, SunTrust Robinson Humphrey and Friedman Billings Ramsey.