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Fort Point pulls IPO
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August 21, 2000: 6:20 p.m. ET
Internet consultant withdraws $69M issue; Replay pulls IPO citing market
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NEW YORK (CNNfn) - Internet consulting firm Fort Point Partners Inc. withdrew its planned initial public offering in a letter to the Securities and Exchange Commission Monday.
San Francisco-based Fort Point had filed in May to raise $69 million in a deal co-led by Credit Suisse First Boston and Deutsche Bank Alex. Brown. The company had yet to determine the number of shares it would offer or their price range.
The Internet consulting firm provides services that help traditional bricks- and-mortar companies, such as J. Crew, sell online. Fort Point is helping build the infrastructure for BlueLight.com, the joint venture between Softbank and Kmart Corp., which offers free Internet access and online shopping. On Aug. 14, Bluelight.com received an $80 million investment from Softbank and Kmart (KM: Research, Estimates).
Fort Point did not cite any reasons for withdrawing its issue.
ReplayTV withdraws
ReplayTV Inc. also pulled its IPO Monday. The Mountain View, Calif.-based company cited market conditions for withdrawing its planned deal.
Media company ReplayTV delivers services that allow television viewers to control and store TV programming. The company delivers its services through a digital recorder that is connected to a user's TV set. Users can then control and stores their favorite shows.
The company has been in registration since January and planned to offer 8.5 million shares at $13 to $15 each via underwriters led by Morgan Stanley Dean Witter.
Bear Stearns out of Serviceware
Separately, Bear Stearns, SG Cowen and Wit Soundview have pulled out as underwriters of the IPO by Serviceware Technologies Inc. Serviceware now plans to offer 4.5 million shares at $7 to $8 each via new underwriters, New York-based C.E. Unterberg Towbin.
The deal's price range has been cut twice. The company originally filed 4.5 million shares at $10.50 to $12.50 a share, later cut to $8 to $9 a share and then to the present range of $7 to $8.
Oakmont, Pa.-based Serviceware provides software and services to customers that provide Internet-based services such as Andersen Consulting and Merrill Lynch (MER: Research, Estimates). Serviceware, a holdover from last week, plans to price its deal later this week and trade under the symbol SVCW. 
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Bluelight.com
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