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To: OFW who wrote (110)	1/14/1999 1:19:00 PM
From: Ice Cube	Read Replies (1) \| Respond to of 571

The issues are ALWAYS priced after the close of the market... look for it to price 5 to 8 pm East Coast Time...... They will do a final pricing based on how the market finishes today and get final institutional interest.... The sydicate desk will take say 100,000 shares for Fidelity Mutual funds, with a commitment for another 500,000 at a scaled price level after it opens..... That's how it works..... So, if the aftermarket interest lowers, they will have to price the deal accordingly.... that's why it takes so long to price.... Retail investors are of no importance on pricing, in fact if there is stock floating around the afternoon before the IPO (when they are trying to place stock and final pricing) it means the institutions backed off the deal and the B/D's slam their retail clients to finish the allocations..... This deal is hot though... lots of interest but the overall market hurts the full premium this could have gone...... If this deal does well, look for Allaire next week to scream also....