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More IPO withdrawals
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April 26, 2000: 8:26 p.m. ET
Three companies decide against public offerings because of marketplace
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NEW YORK (CNNfn) - While AT&T Wireless marches forward into the realm of public trading, other companies had second thoughts Wednesday about entering an uncertain marketplace.
Citing difficult market conditions, communications provider Birch Telecom and Internet services company Inventa Technologies both postponed their initial public offerings indefinitely, while online auctioneer DoveBid Inc. cancelled its IPO altogether.
Birch was hoping to raise $184 million, selling 12.5 million shares at $15-17. Inventa planned to raise $60 million, and DoveBid $80 million, but neither company had announced a specific number of shares or price range.
Birch and Inventa were to be underwritten by Lehman Brothers, while DoveBid underwriters included Credit Suisse First Boston, Thomas Weisel Partners LLC and U.S. Bancorp Piper Jaffray.
Metawave Communications Corp. decided to tough it out, pricing 6.25 million shares at $9 for a $56.25 million IPO. But the $9 was below the estimated range of $11 to $13. Merrill Lynch is the lead underwriter for the deal.
Praecis Pharmaceuticals also decided to go ahead, pricing 8 million shares at $10 with Salomon Smith Barney as the lead underwriter. 
-- from staff and wire reports
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