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To: Northern Cougar who wrote (41094)	5/19/1999 10:32:00 PM
From: kendall harmon	Respond to of 120523

ETYS-I know we are cautious about IPOs, but this is one to be watched for sure. By Darren Chervitz, CBS MarketWatch Last Update: 8:26 PM ET May 19, 1999 Net Stocks Internet Daily SANTA MONICA, Calif. (CBS.MW) -- The IPO market took a midweek pause Wednesday, gearing up for what will likely be explosive debuts from a number of Internet-related companies. EToys (ETYS: news, msgs) priced its 8.3 million share offering at $20 late Wednesday, at the top end of the e-tailer's already increased estimated pricing range. Under its original plans, the deal called for 8.2 million shares to price at $10 to $12 each. Goldman Sachs is the lead underwriter. Separately, Drugstore.com filed for an offering to raise an estimated $67.5 million only weeks after its February launch. The Bellevue, Wash.-based company is backed by the same venture capital firm that took Amazon.com public. Amazon (AMZN: news, msgs) is also the largest shareholder in the company, with a 44 percent stake. See full story. But the big deal of the moment is likely to be EToys. At $20 a share, the midpoint of its upped range, the Santa Monica, Calif.-based EToys would be valued at more than $2.0 billion, and that doesn't include more than 14.9 million options and 18.7 million shares associated with its recent purchase of BabyCenter. In its fiscal year ended on March 31, EToys generated sales of $34.7 million and a loss of more than $73.1 million. The vast majority of those sales -- nearly $23 million -- came during the holiday season. In the first three months of 1998, the company notched sales of $6.1 million. "We love the company," said Chris Vroom, e-tailing analyst at San Francisco-based Thomas Weisel Partners. "They're going to be huge. We think they have the potential to be a $10 billion company [in 10 years]."

To: Northern Cougar who wrote (41094)	5/19/1999 11:45:00 PM
From: Internet Jones	Read Replies (1) \| Respond to of 120523

First call says IDTC reports June 1st, not May 21st. What is the correct date? Maybe we aren't seeing the earnings run up yet. Last report for second quarter ended Jan. 31, 1999 was March 3, 1999. Revenue increased 126%. If Net2Phone IPO results in $1 billion market cap for Net2Phone, then IDTC's 66% ownership of Net2Phone will be worth $660 million, or $20 per share for each of IDTC's 33 million shares outstanding. What is the other business, with a run rate of about $640 million per year in revenue, worth? Market now capitalizes it at about $30 per share, for a market cap of about $990 million. So the IPO is the rabbit out of the hat - instant market capitalization for the parent company. When is the IPO?