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Technology Stocks : Energis PLC (ENGSY) -- Ignore unavailable to you. Want to Upgrade?

To: SteveG who wrote (1)	12/6/1997 7:12:00 AM
From: SteveG	Read Replies (1) \| Respond to of 33

Energis update This IPO of the London based company - Energis - will trade as an ADR - that is, an American Depository Receipt. This is simply a foreign company whose shares trade in the US markets. It is currently schedule to be priced and to begin trading next week (week of Dec 8th). As stated in the opening post, the US underwriters will be Salamon Bros (now Smith Barney Salamon) and UBS Securities, and the NASDAQ ticker symbol is anticipated to be ENGSY. The European underwriter is Dresdner Kleinwort Benson. It is curently expected that 15MM shares of this worldwide offering will be sold to trade in the US markets (known as the US "traunch") and are expected to be priced between US$21 and US$27. According to the lead US underwriter - Salamon Bros again, now SBS) the deal is not currently oversubscribed or "hot" - a condition whereby there are more orders for buying the initial shares than there are initial shares - and which usualy result in the opening premium or "pop". This could change as we get closer to the pricing date if more fund managers decide to increase their "indications of interest". Traditionally, next week is the last week of the year that most IPOs are offered, and even as such, some fund managers (the usual buyers for significant pieces of IPOs, especially larger ones) will already have scaled back their activity for the holidays. For updates - check out yahoo quote.yahoo.com (though details are not available there at this time)