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Orchestream IPO soars
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June 28, 2000: 5:28 a.m. ET
UK Net software developer jumps 73% on London stock market debut
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LONDON (CNNfn) - UK Internet software firm Orchestream Holdings PLC provided a boost to the technology new-issue market Wednesday as its shares jumped more than 70 percent on their stock market debut in London.
The initial public offering comes two weeks after Internet bank Egg PLC (EGG) made a successful debut. That ended a run of canceled listings and sharp falls by newly listed companies, as the broad slide in global technology shares hit the IPO market.
Orchestream (OCH) shares rose to a peak of 321 pence in morning trade from the sale price of 185 pence. The rise pushed the company's market value to £371 million ($558 million). The issue was nine times oversubscribed.
 The four-year-old company develops software for Internet service providers and corporate Web networks to manage real-time information over the Net, a market that analysts said was worth around $20 billion a year. Pre-IPO investors include Deutsche Bank AG (FDBK) and financial information provider Reuters PLC (RTR),
Orchestream raised £49 million pounds from the issue, which it said would be used for corporate purposes, possibly including acquisitions.
UBS Warburg advised Orchestream on the flotation. 
-- from staff and wire reports
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Orchestream
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