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News > Technology
Pacific Internet IPO soars
February 5, 1999: 1:13 p.m. ET

Singapore-based Internet service provider jumps 213%
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NEW YORK (CNNfn) - Shares of Pacific Internet Pte. Ltd. soared 213 percent in their first day of trading Friday, continuing a string of successful Internet-related initial public offerings.
     The Singapore-based Internet service provider (ISP) soared to 53-1/4 midday Friday from an opening price of 17. Lehman Brothers was lead underwriter for the IPO.
     Though analysts are speculating on when the Internet bubble will burst, investors' appetite for Internet IPOs hasn't diminished. Last month, Tut Systems Inc.(TUTS) soared in its first day of trade, and Marketwatch.com (MKTW) rallied 474 percent in its inaugural day as a publicly traded company.
     But one analyst said the success of Pacific Internet's (PCNTF) IPO is a worst-case example of Internet mania.
     "This eludes me," said Gail Bronson, senior analyst at IPO Monitor. "I wouldn't choose Pacific Internet to be part of my portfolio. The ISP segment is a narrow one relative to the overall [Internet] segment, and buying a stock that's offshore makes it an even less-desirable investment."
     Bronson added that day traders looking to cash in on Internet stocks likely are responsible Pacific Internet's flight. Back to top

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