Word: ipos
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Others from the current crop of Net IPOs may represent new opportunities, but in niche--and thus limited--markets. Still others are so nascent that they are little more than a concept hoping to cash in quickly. Profits? They don't even have revenue. Drugstore.com an online prescription-drug company, has filed for an IPO even though it has only three months of formal results. The IPO may do well anyway. The company has a top-notch underwriter in Morgan Stanley Dean Witter. It is the first online company of its kind to attempt to sell shares to the public...
...consider quepasa.com a Spanish-language search engine that has none of those qualities--plus a 26-year-old CEO. Despite having virtually no revenue and a $6.9 million loss last year, the company hopes to raise $44 million in an IPO next week...
Ironically, fund managers will continue to buy freshly minted Internet stocks, if only to flip them back into the market for one-day gains. The days when every Internet IPO would double or triple on the first trade have vanished. But most still go up a quick 20% to 30%, low-hanging fruit for any money manager who can get shares at the IPO price. Lately, though, even the easy money has been harder to come by. A handful of recent Internet IPOs quickly fell below their IPO price, and dozens trade below the price of the first trade, which...
That doesn't mean the window is being slammed shut on Internet entrepreneurs. Far from it. The investors who really count in the IPO game are institutions, and they've all made plenty of money by buying at the IPO price. They will continue buying. There is little reason for issuers to pull back, and few have. Last week Drkoop.com a consumer health-care site headed by the former Surgeon General Dr. C. Everett Koop, doubled the first day, proving that a good story still sells. High-profile CNN anchor Lou Dobbs has announced that he will resign to start...
...think it's a bad market for quality companies," says Jay Walker, founder of Priceline.com a money-losing e-commerce site whose value soared 10-fold, to $23 billion, a month after its March IPO and is now at $13 billion. "If eBay went out today, it would still soar. But the fantasy stocks are back where they belong. People are looking for real traction, real sales, real growth." And maybe a little panache...