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Baltimore Technologies Plc (Nasdaq BALT) listed its American Depositary Receipt offering Oct 27. Investors should be attracted to its Internet security products and services as more companies engage in e-commerce. The Dublin-based firm's shares IPO'd the week of Oct 24 1999 on the Nasdaq.. It raised $170 million through the offering, after pricing 6.858 million ADRs at US $24.7875. Baltimore's products and services enable businesses to conduct secure communications and transactions over computer networks and Internet. The Dublin-based company's issues benefited from projections the demand for similar products and services will grow in coming years. Research firm International Data Corp. projects that spending on Internet infrastructure appliances will grow to $27.1 billion by 2002 from $4 billion in 1997. The company posted total revenues of $15.5 million and a loss of $25.2 million for the six months ended June 30, 1999. Its competitors includes VeriSign Inc :VRSN , Microsoft Corp. (MSFT) and CyberTrust. Another factor that will attract investors is that Intel Corp. (INTC) is one of Baltimore's shareholders. Newly-public companies have benefited from having well-know backers and heavyweight investors. Baltimore plans to use the proceeds from the offering, which was 10 times oversubscribed, for acquisitions in new and emerging technologies. Tom Drolet | ||||||||||||
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