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IPOs take summer vacation
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August 15, 1999: 6:22 p.m. ET
After a busy, high-flying calendar, new offerings ebb next week
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NEW YORK (CNNfn) - After a series of eagerly awaited initial public offerings, this week's IPO calendar takes a turn toward the mundane.
The relatively small number of IPOs, made smaller by some last-minute postponements, includes no household names. None of the deals are large ones. Some have been delayed for weeks.
The new offerings also come after a mixed week for newly minted public companies. While shares of software distributor Red Hat (RHAT) jumped 229 percent in their debut Wednesday, leading video renter Blockbuster (BBI) traded flat.
And Hotjobs (HOTJ), which initially priced its IPO of 4.75 million shares in the $12 to $14 range, ultimately lowered it to $8. Once trading began, the stock finished down on the day.
"Especially with the IPO market being so bad, there's nothing out there," Tom Tauli, analyst at Edgar Online, said of the week's calendar.
Further, several planned IPOs have been pushed back indefinitely, including the much-anticipated Women.com.
(Click here for a look at last week's IPO delays.)
"The theme from here until after Labor Day is going to be more postponements," said Gordon Anderson, editor and chief of Hoover's Online.
Pressed to identify a note-worthy IPO, Gordon mentioned Labranche & Co. Under the ticker symbol "LAB," the company plans to sell 11 million shares priced in the $15 to $17 range.
A broker's broker, or specialist, Labranche, would be the first such company to go public.
As such, the IPO, Gordon, said will be closely watched for its investor interest.
"It's interesting because it's unusual," Anderson said.
As a specialist, Labranche keeps an inventory of stocks that, for a fee, brokers can access for their buyers.
The New York based company said it acted as specialist for approximately 14.2 percent of the dollar volume of stocks traded on the NYSE in 1998. In a filing with the Securities & Exchange Commission, the company said its revenues have grown by an average of 43 percent a year. Earnings figures were not provided.
The rest of the lot
Next week's offerings include Headhunter.net Inc. The company, which will trade under the ticker symbol, "HHNT," plans to issue 3 million shares with a price target of $12 to $14 per share. Agile Software Corp., "AGIL," is slated to sell 3 million in shares in the $15 to $17 range.
Imegex.com Inc., "IMGX," will sell 4 million shares in the $12 to $14 price range. Interactive Intelligence, "ININ," will offer 2.6 million shares in the $11 to $13 range. Lionbridge Technologies, "LIOX," plans to offer 4 million shares in the $12 to $14 range.
Looksmart, "LOOK," will sell 12 million shares in the $11 to $13 range. Novamed Eyecare Inc., "NOVA," is slated to offer 7 million shares in the $11 to $13 range. Mypoints.com Inc. "MYPT," will issue 5 million shares in the $10 to $12 price range.
Netro Corp., "NTRO," will sell 5 million shares in the $7 to $9 range. Tunes.com, another holdover, "TUNZ," will sell 4 million shares in the $13 to $15 range. Wink Communications, "WINK," plans to offer 4.2 million shares in the $14 to $16 range.
Silverstream Software, "SSSW," will issue 3 million shares in the $13 to $15 range. Riva Bancshares, "PREM," will float 3 million shares in the $10 to $12 range. Purchaspro.com, "PPRO" will float 4 million shares in the $11 to $13 range. And Orius Corp., "ORS" will issue 10.9 million shares in the $13 to $15 range.
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