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Jupiter IPO in orbit
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October 8, 1999: 5:14 p.m. ET
Internet research firm jumps 69% in trading debut; E-Stamp delivers
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NEW YORK (CNNfn) - A pair of Internet-related initial public offerings Friday indicated investor enthusiasm for new online offerings haven't waned even as the sector continues its inconsistent performance.
Jupiter Communications Inc. jumped 69 percent in its trading debut as investors showed enthusiasm for the Internet market research firm.
Jupiter (JPTR) shares shot up to 35-1/2, up 14-1/2 from their offering price of 21.
Jupiter had raised its offering price range to $18 to $20 a share late Thursday from $15 to $17 a share amid strong demand.
Jupiter, which provides research on Internet commerce, raised $65.6 million in the offering of 3.125 million shares. The New York-based company plans to use the proceeds for international expansion, potential acquisitions and general corporate purposes, according to a regulatory filing.
Among Jupiter's investors is computer industry research firm Gartner Group (IT), which holds about a 37-percent stake in the firm.
Online postage firm E-Stamp also made an impressive debut, rising 7-3/8 to 22-3/8 from its offering price of 17. Its shares traded as high as 33.
E-Stamp, which received U.S. Postal Service approval to sell stamps online earlier this year, provides hardware and software to allow small businesses and home offices buy postage stamps online. The San Mateo, Calif.-based firm is targeting the retail and mail-order markets for future customers.
Microsoft Corp. (MSFT) owns a 7-percent stake in E-Stamps.
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