Year in review: Road to recovery
Two highly anticipated IPOs helped break a long, dry spell for tech business launches.
IPOs: Road to recovery
It's been a long dry spell for initial public offerings since the go-go days of early 2000. But two highly anticipated stock market launches gave investors something to get excited about this year.
Amid much hoopla and controversy, search giant Google and applications service provider Salesforce.com entered the public markets. The Internet business IPOs were two of the 220 stock debuts listed this year--a marked improvement on the 86 racked up last year, but still short of the 300-plus launches in 2000.
"The first half of 2003 was the period where we bottomed out, and we've been working our way out since," said Richard Peterson, an IPO analyst with Thomson Financial.
During the year, 48 technology debuts hit markets--up from a mere 24 in 2003, according to Peterson. As a group, technology IPOs raised $10.7 billion in capital in last year, compared with $3.3 billion the previous year.
The year got off on a high note when Opera, a Norway-based browser maker, announced its IPO in February, taking advantage of a more receptive mood among tech investors.
Salesforce.com also took advantage of the climate to go public. However, the subscription-based seller of customer relationship management software encountered much controversy and many delays on the way to its debut in late June.
The San Francisco company, which raised $85 million in its offering, had to restate its financial results to provide investors with a more relevant historical comparison of accounts. It also delayed its debut after its chief executive was prominently featured in a New York Times article prior to its IPO, in order to create a "cooling off period" that would let the market digest the information.
Google also encountered controversy during its IPO process. The popular Internet search company was closely watched by industry observers and investors, many of whom were eager to participate in the long-awaited public launch.
Google's founders pushed for an unusual auction-style stock offering, in which a range of investors, from institutional investors to the general public, could put in a bid for some of the $2.7 billion in shares. That IPO format broke from the more traditional method, in which underwriters allot a certain number of shares to a select group of institutional investors, such pension funds and mutual funds.
Google's offering faced other scrutiny, which was followed initially by weaker-than-expected demand for shares before the IPO. Ultimately, the company performed well in its August debut, with its shares rising by a respectable margin.
--Dawn Kawamoto
Opera IPO opens on a high note
Shares of the Norway-based browser maker rise on their first day of public trading on the Oslo Stock Exchange. Meanwhile, the company releases a new version of its mobile browser.March 11, 2004
Gator mutation Claria files for IPO
Internet stock offerings may be heating up, but Claria may be hindered by its controversial adware.April 8, 2004
Google files for unusual $2.7 billion IPO
The Internet search king files documents with regulators that provide an insight into its business, as it prepares to sell shares to the public.April 29, 2004
RightNow joins IPO conga line
The subscription software company joins the likes of search engine leader Google, gay Web portal PlanetOut and online bookseller Alibris with plans for an initial public offering of its stock.May 10, 2004
SSA Global seeks $200 million IPO
The expected stock debut may be another sign of increasing confidence in the business software market. SSA Global says it would use some of the cash infusion on more acquisitions.June 4, 2004
Salesforce.com IPO off to fast start
Its highly anticipated market debut finally here, the "CRM" company on Wednesday hits the ground running.June 23, 2004
LCD maker stumbles on market debut
Shares in flat-panel display maker LG.Philips LCD close a dollar down on their IPO price amid concerns that the market is flooded.July 22, 2004
OLED company files for initial public offering
Cambridge Display Technology, a developer of next-generation screens for consumer electronics devices, files for an IPO.Aug. 2, 2004
Nanosys yanks IPO
Volatile capital markets cited as nanotech firm--losing money and with no products yet--withdraws initial public stock offering.Aug. 4, 2004
PlanetOut postpones IPO
Web site targeting gay, lesbian, bisexual, transgender audience postpones until undisclosed date.Aug. 11, 2004
Faltering market downs MatchNet IPO
The online dating company cancels plans to sell its shares to the public, citing a weakening market for Net-related stock launches.Aug. 12, 2004
Lindows postpones public offering
CEO Michael Robertson says the Linux company "won't be forced into a cut-rate IPO."Aug. 19, 2004
Google grooves in Nasdaq debut
Despite stumbles, search company sees 18 percent gain in IPO. But where will it go from there?Aug 19, 2004
Shopping.com leaps in Nasdaq debut
Shares jump over 50 percent. Analysts say the closing price will be key to determining its long-term prospects.Oct. 26, 2004
IPOs: Road to recovery
It's been a long dry spell for initial public offerings since the go-go days of early 2000. But two highly anticipated stock market launches gave investors something to get excited about this year.
Amid much hoopla and controversy, search giant Google and applications service provider Salesforce.com entered the public markets. The Internet business IPOs were two of the 220 stock debuts listed this year--a marked improvement on the 86 racked up last year, but still short of the 300-plus launches in 2000.
"The first half of 2003 was the period where we bottomed out, and we've been working our way out since," said Richard Peterson, an IPO analyst with Thomson Financial.
During the year, 48 technology debuts hit markets--up from a mere 24 in 2003, according to Peterson. As a group, technology IPOs raised $10.7 billion in capital in last year, compared with $3.3 billion the previous year.
The year got off on a high note when Opera, a Norway-based browser maker, announced its IPO in February, taking advantage of a more receptive mood among tech investors.
Salesforce.com also took advantage of the climate to go public. However, the subscription-based seller of customer relationship management software encountered much controversy and many delays on the way to its debut in late June.
The San Francisco company, which raised $85 million in its offering, had to restate its financial results to provide investors with a more relevant historical comparison of accounts. It also delayed its debut after its chief executive was prominently featured in a New York Times article prior to its IPO, in order to create a "cooling off period" that would let the market digest the information.
Google also encountered controversy during its IPO process. The popular Internet search company was closely watched by industry observers and investors, many of whom were eager to participate in the long-awaited public launch.
Google's founders pushed for an unusual auction-style stock offering, in which a range of investors, from institutional investors to the general public, could put in a bid for some of the $2.7 billion in shares. That IPO format broke from the more traditional method, in which underwriters allot a certain number of shares to a select group of institutional investors, such pension funds and mutual funds.
Google's offering faced other scrutiny, which was followed initially by weaker-than-expected demand for shares before the IPO. Ultimately, the company performed well in its August debut, with its shares rising by a respectable margin.
--Dawn Kawamoto
Opera IPO opens on a high note
Shares of the Norway-based browser maker rise on their first day of public trading on the Oslo Stock Exchange. Meanwhile, the company releases a new version of its mobile browser.March 11, 2004
Gator mutation Claria files for IPO
Internet stock offerings may be heating up, but Claria may be hindered by its controversial adware.April 8, 2004
Google files for unusual $2.7 billion IPO
The Internet search king files documents with regulators that provide an insight into its business, as it prepares to sell shares to the public.April 29, 2004
RightNow joins IPO conga line
The subscription software company joins the likes of search engine leader Google, gay Web portal PlanetOut and online bookseller Alibris with plans for an initial public offering of its stock.May 10, 2004
SSA Global seeks $200 million IPO
The expected stock debut may be another sign of increasing confidence in the business software market. SSA Global says it would use some of the cash infusion on more acquisitions.June 4, 2004
Salesforce.com IPO off to fast start
Its highly anticipated market debut finally here, the "CRM" company on Wednesday hits the ground running.June 23, 2004
LCD maker stumbles on market debut
Shares in flat-panel display maker LG.Philips LCD close a dollar down on their IPO price amid concerns that the market is flooded.July 22, 2004
OLED company files for initial public offering
Cambridge Display Technology, a developer of next-generation screens for consumer electronics devices, files for an IPO.Aug. 2, 2004
Nanosys yanks IPO
Volatile capital markets cited as nanotech firm--losing money and with no products yet--withdraws initial public stock offering.Aug. 4, 2004
PlanetOut postpones IPO
Web site targeting gay, lesbian, bisexual, transgender audience postpones until undisclosed date.Aug. 11, 2004
Faltering market downs MatchNet IPO
The online dating company cancels plans to sell its shares to the public, citing a weakening market for Net-related stock launches.Aug. 12, 2004
Lindows postpones public offering
CEO Michael Robertson says the Linux company "won't be forced into a cut-rate IPO."Aug. 19, 2004
Google grooves in Nasdaq debut
Despite stumbles, search company sees 18 percent gain in IPO. But where will it go from there?Aug 19, 2004
Shopping.com leaps in Nasdaq debut
Shares jump over 50 percent. Analysts say the closing price will be key to determining its long-term prospects.Oct. 26, 2004