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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (14534)	5/19/1999 8:34:00 AM
From: MMK	Read Replies (1) \| Respond to of 43080

IDTC trading up in pre-market 2 points on IPO news out late last night.... of course I exited the shares I got yesterday afternoon 'cause it wasn't doing anything! Still have some long :) 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.