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Mixed bag of IPOs
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September 29, 2000: 5:35 p.m. ET
Biotech, energy firms almost double, but the rest of IPO market stumbles
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NEW YORK (CNNfn) - Initial public offerings from Ciphergen Biosystems and Proton Energy Systems Inc. received a warm welcome from investors Friday, but a handful other IPOs struggled as the new issues market limped to the end of what has been a strong week.
Biotech offering Cipergen (CIPH: Research, Estimates) doubled to $32, up $16 for the day, after raising $88 million Thursday night.
The company is in the proteomics sector, which concerns the study of proteins and how they change during disease.
"This was really no surprise," said Irv DeGraw, research director of WorldFinanceNet.com. "They have breakthrough technology and even with the boost in the number of shares sold this looked good."
Meanwhile, after increasing both the size and price of its offering, Proton Energy Systems (PRTN: Research, Estimates) jumped $11.63, or 68 percent, to $28.63.
Proton is an alternative energy company using electro-chemical devices. The company raised $119 million Thursday with its increased offering.
Wilson Greatbatch Technologies Inc. also managed to swim against the market's downdraft Friday after raising $80 million. Shares rose $6.88 to $22.88.
Wilson Greatbatch Tech (GB: Research, Estimates) makes batteries used in implantable devices such as pacemakers and implantable cardioverter defibrillators (ICDs).
Off the pace
Overall, the week in the IPO market was strong, with signs that even companies not in hot sectors could see a good rise in share price. But the market couldn't deliver on the last day, with the majority of deals seeing small gains or even falling below their offer price.
"What's going on is the market running out of gas at the end of the week," DeGraw said.
The latest in the line of genomics companies taking the plunge, Genomica Corp. (GNOM: Research, Estimates) did not fare very well, posting a meager gain of 44 cents to $19.44.
Prospects for Genomica's first day of trading looked good after the company boosted its price range and number of shares sold. But after a rise at the opening, the share price leveled off.
 Despite being in a hot sector, digital subscriber line company Elastic Networks Inc. (ELAS: Research, Estimates) snapped below its offering price. Shares dropped 6 cents to $13.94.
Elastic's product combines DSL and Ethernet technology for delivering broadband, and analysts tipped the company for a strong opening considering other broadband companies have enjoyed success.
"This is the big surprise of the day, but it's unclear why it's happening," DeGraw said.
Three other deals also broke, or fell below the offer price.
Dutch sporting goods company Head (HED: Research, Estimates) dropped $2 to $8, while global positioning system company At Road Inc. (ARDI: Research, Estimates) fell $1.81, or more than 20 percent, to $7.19.
And negotiating the market was not so simple for chip provider Simple Technology Inc. (STEC: Research, Estimates), as shares dropped $1.31 to $9.69. 
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