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Technology Stocks : NetObjects, Inc. (NETO) -- Ignore unavailable to you. Want to Upgrade?

To: Ken Whiteside who wrote (65)	5/8/1999 12:38:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 278

IBM's NetObjects Rises 8 Percent in 1st Trading Day (Update1) (Closes stock in 2nd paragraph; adds analyst comment in 4th, 5th paragraphs.) Redwood City, California, May 7 (Bloomberg) -- NetObjects Inc., a unit of International Business Machines Corp. that makes Internet software, rose 8 percent in its first day of trading after an initial stock sale. The Redwood City, California-based company rose 1 to 13 as 12.9 million shares changed hands on the Nasdaq Stock Market. The stock traded as low as 11 1/8 and as high as 16 3/8. The company closed with a market value of $339.5 million. NetObjects sells software that helps businesses build and maintain sites on the Internet and corporate intranets, the company said in its IPO filing with the Securities and Exchange Commission. ''There's some question as to how popular their software really is with users,'' said Ben Holmes, the president of ipoPros.com, a Boulder, Colorado-based research firm that specializes in initial public offerings. Still, ''I like that they provide a full suite of (software) tools that allow you to build out and deploy sites,'' he said. NetObjects yesterday sold 6 million shares at $12 each, raising $72 million. The shares were priced at the midpoint of the $11-to-$13 range set by BT Alex. Brown Inc., which handled the transaction. The sale represented a 23 percent stake. NetObjects trades under the symbol ''NETO.'' BancBoston Robertson Stephens and Piper Jaffray Inc. assisted in the sale.