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IPOs follow a strong week
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August 29, 1999: 5:13 p.m. ET
The final few premieres of summer follow a week of solid results
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NEW YORK (CNNfn) - For the first time in recent memory, initial public offerings last week turned in a good performance. And that strength could spark investor interest in the small number of IPOs debuting in the last days of August.
Last Thursday Imagex.com Inc. (IMGX) and bamboo.com Inc. (BAMB) both saw double-digit gains in their first day of trading. With three "dot-coms" expected to be priced this week, more of the same could follow.
In the largest debut of the coming week, PCQuote.com, "PCQT," plans to offer 7.75 million shares in the $12 to $14 price range. The Chicago-based financial Web site, which provides content to CNNfn.com, is a distributor of stock quotes, financial news and information.
Financial news Web sites are known to have had stellar debuts. Both the TheStreet.com (TSCM) and CBS.MarketWatch.com (MKTW), which compete with CNNfn.com for financial readers, soared on their first day of trade. But the longer term outlook has proven less favorable. As of the close Friday, TheStreet.com shares were off 69 percent from its early peak while MarketWatch stock had fallen 51 percent.
And like those Web sites, Chicago-based PCQoute.com is not yet profitable. The company lost $2.2 million in 1998 on sales of $9.9 million.
Prudential Securities is the lead underwriter on the offering, which is expected to raise $100 million.
In another Internet debut, AmericasDoctor.com, "AMDR," plans to raise $60 million in its IPO.
The Web site provides a directory of medical information, health news and a chat line to talk to physicians. Based in Owings Mills, Md., the company lost $5.2 million on $62,000 in revenue last year.
AmericasDoctors.com competes with drkoop.com Inc (KOOP), shares in which soared in their first day of trading.
Warburg Dillon Read will underwrite the offering. No information was immediately available on the share price target or number of shares to be issued.
In the week's final "dot-com," perfumania.com, "PF," plans to float 3.5 million shares in the $7 to $9 price range.
As the name suggests, Miami-based perfumania.com sells fragrances over the Web. Cruttenden Roth Inc. will underwrite the deal, which is expected to raise $28 million for the company.
Rounding out the week, Cybergold, "CGLD," plans to offer 4 million shares in the $9 to $11 range. The Berkeley, Calif.-based Internet marketing firm lost $4.6 million on revenue of $1 million in 1998.
Oregon Baking Co., "MSEE," plans to offer 1.75 million shares in the $5 range. The Portland, Ore.-based company runs 18 bakery-cafes in the Pacific Northwest. It did not provide earnings information in a filing with the Securities and Exchange Commission.
Finally, Gen Trak, "GTRK," plans to issue $750,000 shares in the $10 price range. The Plymouth Meeting, Pa.-based company, which earned $2.7 million in 1997, makes diagnostic, paternity and genetic test kits.
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