ASX - Ecorp ECP | Stock Discussion Forums

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
ASX - Ecorp ECP

An SI Board Since June 1999

Posts	SubjectMarks	Bans
1	0	0

Emcee: BillCh	Type: Unmoderated

Introduction Compact

3:16 pm AEST June 15 1999

Ecorp lists at a premium to offer price

AAP -- Kerry Packer's online business, ecorp Ltd, has listed on the Australian Stock
Exchange at $1.90, a 70 cents premium to its offer price of $1.20.

Many analysts had tipped the stock to reach over $3 when it hit the boards due to a
combination of the hype surrounding Internet stocks, the Packer family backing and the
limited number of shares available.

While reports of the bookbuild ahead of today's float were extremely positive, some fund
managers were taking a negative view of ecorp given its valuation of $408 million - almost 15
times the forecast 1999 calendar year revenue of $54.2 million - and its reliance on ticketing
agency Ticketek.

Aside from Ticketek - the largest business of its kind in Australia - ecorp has a host of
assets that make up a strong pedigree.

It owns Internet stockbroking firm Online Broker Holdings Ltd and has a 50 per cent stake in
two joint ventures - ninemsn, which has a crucial link with the all powerful Microsoft Corp and
eBay A&NZ, a classified advertising business with with US online auctioneer eBay Inc.

ecorp's float continues the recent success of Internet listings.

Internet travel agency Travel.com.au logged on at $3.12 in May, finishing at $2.94, from on
offer price of $1.25 while Internet media group LibertyOne's shares debuted at $3.50 in
December, closing at $3.06 on the first day, after being offered at $2 each.

By 1415 AEST, ecorp shares were trading at $1.89 after dropping as low as $1.75.

The stock had also moved to the top of the turnover table with more than $13.5 million
shares worth around $25.5 million changing hands in 15 minutes.

Shares in Publishing & Broadcasting Ltd appeared to bear some of the brunt of the poorer
than expected listing of ecorp, shedding nine cents to $9.90 at 1417 AEST.

PBL shares touched a low of $9.80 after the listing.

Go to reply# or date (mm/dd/yy):