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Satyam offering up 22%
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May 15, 2001: 12:13 p.m. ET
Public offering from India technology services firm gains; Kinder IPO up
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NEW YORK (CNNfn) - The public offering from Satyam Computer Services Ltd. gained nearly 22 percent in its Big Board debut Tuesday, while the IPO from Kinder Morgan Management LLC also rose.
Satyam Computer Services rose $2.09 to $11.80 on the New York Stock Exchange, while Kinder Morgan gained 9 cents to close at $70.50.
Hyderabad, India-based Satyam (SAY: down $0.01 to $11.79, Research, Estimates) sold 14.5 million American depositary shares at $9.71 each via lead underwriter Merrill Lynch. Each ADS represents two ordinary shares, the underwriter said.
Listed in the United States, Satyam already trades on the Stock Exchange Mumbai, the National Stock Exchange and the Hyderabad Stock Exchange.
Satyam, the fourth-largest provider of information technology services in that country, offers software development, system maintenance and package software services.
The company competes against U.S. firms such as Accenture (which is also going public), Computer Sciences Corp. (CSC: up $2.56 to $39.16, Research, Estimates), and Cambridge Technology Partners (CATP: up $0.01 to $3.25, Research, Estimates). Satyam also provides Internet access through subsidiary Satyam Infoway (SIFY: up $0.07 to $4.12, Research, Estimates), which trades on the Nasdaq.
Satyam Computer had nearly $7 million in losses on $164.4 million revenue last year.
Gaining power
Houston-based Kinder Morgan sold 14.88 million shares at $70.41 each via lead underwriter Goldman Sachs. Of the total shares, 1.5 million will be offered to parent Kinder Morgan Inc.
Kinder Morgan Management (KMR: down $0.08 to $70.42, Research, Estimates) is a limited partner in Kinder Morgan Energy Partners LP and manages and controls its affairs. Kinder Morgan Energy Partners is the largest publicly traded pipeline limited partnership in the United States by market capitalization.
Kinder Morgan Energy (KMP: down $0.99 to $71.00, Research, Estimates), which already trades on the NYSE, owns and operates one of the largest petroleum pipelines in the United States.
Kinder Morgan Management is also a unit of Kinder Morgan (KMI: Research, Estimates), which also trades on the Big Board. Kinder Morgan is one of the largest energy transportation and storage companies in the United States. 
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