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Recent high-tech start-ups have fared even worse. A Houston, Pennsylvania, software maker called ANSYS opened at $13 per share on June 20, only to finish the day at $12 per share. ANSYS closed Friday at $12.37. New medical companies have been hit just as hard. CollaGenex Pharmaceuticals, a California dental-research firm, tried to lure investors last month by lowering the price of its IPO to $10 per share, well below the high of $15 originally projected. It didn't work: CollaGenex stumbled on its first day of trading, to $8.63 per share...

Author: /time Magazine | Title: IPOS: LOOK OUT BELOW! | 7/22/1996 | See Source »

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