|
IPOs galore fare well
|
 |
February 11, 1999: 2:12 p.m. ET
VerticalNet, Healtheon lead rally in biggest day of new offerings in 10 months
|
NEW YORK (CNNfn) - Internet issues VerticalNet and Healtheon rocketed upward in their first day of trading Thursday, headlining Wall Street's busiest day of initial public offerings in 10 months.
VerticalNet (VERT), a Horsham, Pa.-based provider of industry-specific web sites, roared up 262 percent, to 29, after pricing 3.5 million shares at $16, above the expected range.
San Francisco-based Healtheon (HLTH), part-which helps healthcare providers access information over the Internet, rallied to 51, up 219 percent, after pricing 5 million shares at $8 each, also above the expected range.
Those were two of seven IPOs set Thursday, marking the busiest day for new launches since April 23 last year.
The other cyberspace-related IPO was for one of the earliest Internet Service Providers, Prodigy Communications (PRGY), rising to 29-7/16, up 96 percent, after pricing 8 million shares at $15 apiece, at the top of the expected range.
Back in the real world, the results were decidedly less euphoric. The executive search firm Korn/Ferry International (KFY), fell to 13-1/16, after pricing 11.75 million shares at $14.
And the fiefdom of Wall Street maven Mario Gabelli, Gabelli Asset Management (GBL) edged up to 18-5/16, or 4.6 percent, after pricing 6 million shares at $17.50.
One oddity on Thursday, pricing at the low end of its range, was the insurance outsourcing services provider Insurance Management Solutions (INMG), nudging up to 11-3/8 after pricing at $11 a share.
Rounding out the day's list of IPOs was the maker of equipment for telecommunications systems testing Catapult Communications (CATT), at 12-7/8 or up 29 percent, after pricing 33 million shares at $10 each. 
|
|
|
|
|
|
VerticalNet
Healtheon
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
