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Technology Stocks : Audio and Radio on the Internet- NAVR -- Ignore unavailable to you. Want to Upgrade?

To: katmando who wrote (11206)	3/11/1999 12:58:00 PM
From: Annette	Respond to of 27722

Got to give the guys at NAVR and NETR a lot of credit. It would be STUPID to participate in the rally today. Why be in the green as the Dow approaches 10,000? Don't want to give any incentive , right? LOL, just kidding.

To: katmando who wrote (11206)	3/11/1999 3:37:00 PM
From: Rajiv	Read Replies (1) \| Respond to of 27722

NetRadio Current # of outstanding shares = 5,922,500 NAVR owns 5,000,000 VVTV owns 882,500 Pro-forma # of outstanding shares = 6,472,500 NAVR will own 5,000,000 shares VVTV will own 1,432,500 shares The pro-forma numbers are the numbers at the time of the actual IPO (excluding the shares to be issued to the public) The employees have been granted options to buy around a million shares at prices ranging from 1-5/share NetRadio intends to raise around 37 million dollars. The exact number of shares has not been stated. From my experience with S-1s and IPOs... We will see a S-1/A after a few weeks. This will indicate a fixed number of shares and a flexible amount (it will be the reverse of the current S-1) My guess is around 3 million shares at around 12/share. If the demand for the IPO shares is high, the underwriters typically recommend raising the IPO price (e.g. raising the IPO price from 12 to 15). Typically (though not unknown), they do not increase/decrease the number of shares. Note that if the demand is high, NetRadio will probably end up raising more than what they intended to (37 million $) The underwriters are also typically given an option to issue around (extra) 15% of the number of shares to cover over-allotments. This would mean # of shares to be issued 3.5 million [ The initial 3 million number is entirely a guess on my part. It can be anything from 2 to 4 million shares ] Based on the above.. After the IPO NAVR will own 5 million shares VVTV will own 1.4 million shares The Public will be owning 3.45 million shares The insiders will have options (which will be in the money) for another million shares [ I will be ignoring this in all future analysis ] Total # of outstanding shares for Netradio will be around 10 million shares with NAVR owning 5 million shares % owned by NAVR (post IPO) = 50 % [ I will be using this # in the future ] Note - I have made several assumptions and have arrived at the above number. The actual number will probably be between 40-60% To be continued.. Regards. Rajiv Sources - edgar-online.com