ImageX.com and Bamboo.com took off Thursday in their initial public offerings. ImageX closed up 6 5/16, or 99 percent, to 13 15/16 while Bamboo.com rocketed up 10 9/16, or 151 percent, to 17 9/16.
The only two companies to brave their debuts this week have more in common than their first day success.
The companies ascents were in spite the morose markets for IPOs this week, continuously lowered offerings and their questionable businesses.
Both companies lowered their price ranges. Bamboo.com (Nasdaq: BAMB), an online provider of virtual real estate tours, was originally expected priced at $10 to $12 a share. The company cut its expected price to $8 before putting off its IPO. Then it lowered its offering to 4 million shares priced at $7.
ImageX.com (Nasdaq: IMGX), a commercial printing company that takes orders online, originally planned to offer 4 million shares at $12 to $14, but cut the offering to 3 million shares priced at $7.
For Bamboo, Prudential Securities is the lead underwriter with an assist from Volpe Whelan and Brown. The two firms swap roles for ImageX.
ImageX stakes its claim to the growth of business-to-business e-commerce by taking orders online for traditional printed business materials and shipping them to customers. Including results from recent acquisitions, ImageX reported revenue of $5.8 million and a loss of $5.7 million for the six months ending June 30. The company cites competition from local printers and their long-standing customer relationships, says it plans on acquiring brick-mortar-paper commercial publishers, and is hostage to the fluctuations of paper prices.
Bamboo, known as Jutvision Corp. until April, goes to homes, takes video of the house and provides it to realtors so they can post it on the Web or email it to clients. The company has partnerships with all the big real estate sites such as Realtor.com, HomeSeekers.com, Homes.com and Microsoft HomeAdvisor. Bamboo had sales of $536,074 and a loss of $15.9 million for the six months ending June 30. In 1998, Bamboo had sales of $77,410.
Tiffany Kary contributed to this report.