Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: unclewest who wrote (14780)	5/19/1999 8:15:00 AM
From: MMK	Respond to of 56535

unclewest...IDTC Hi there! Was wondering where you were yesterday when I was posting about IDTC :) Am pleased about the news too! Bought back in a little high yesterday and sold out my day trade position of it but definately looking for a trade in it today and will hold my long shares. Have a great time in Key West! MMK Net2Phone Inc. files for $50 mln IPO WASHINGTON, May 18 (Reuters) - Net2Phone Inc., whose services allow customers to make telephone calls over the Internet using personal computers or traditional phones, said Tuesday it planned to raise $50 million in an initial public offering of its common stock. The company, based in Hackensack, N.J., did not disclose the number of shares in the offering or provide an estimated price range for them in its preliminary filing with the Securities and Exchange Commission. It has applied to trade the shares on Nasdaq under the symbol (Nasdaq:NTOP - news). The underwriters for the IPO are Hambrecht & Quist, BT Alex. Brown and Bear Stearns. Net2Phone was the largest provider of Internet telephony services in the world in 1997 with a 30 percent market share, said the company, citing statistics by a leading market research firm. As of March 31, Net2Phone had about 250,000 active customers and handled over 20 million minutes of use per month. The company said its revenues grew to $12 million in the fiscal year ended July 31, 1998, from $2.7 million in the fiscal year ended July 31, 1997. For the six months ended Jan. 31, 1999, revenues hit $13.2 million. It is a unit of IDT Corp. (Nasdaq:IDTC - news), a provider of long- distance telephone, Internet access and Internet telephony services in the United States and abroad. Following the offering, IDT will own an undisclosed percentage of Net2Phone's outstanding capital stock. It already owns ''Class A'' stock that has twice the voting power of Net2Phone's common stock, the filing said. Net proceeds from the offering will be used to repay a portion of a note outstanding to IDT, develop strategic Internet relationships, for advertising and promotion, research and development and general corporate purposes. More Quotes and News: Nasdaq:NTOP - news IDT Corp (Nasdaq:IDTC - news) Related News Categories: IPOs, telecom, US Market News