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HolidayBuyer's Guide
Tech Industry

IPO Roundup: Infonet opens at 30, OnDisplay on deck

Infonet Services (Nasdaq: IN) jumped to open at 30, after it had priced 51.3 million shares of its stock at $21 each. Of the shares on offer, 38.5 million shares are being offered by the company and 12.8 being offered by stockholders KDD, KPN, Swisscom, Telefonica, Telia and Telstra.

Merrill Lynch & Co. and Warburg Dillon Read are the Joint Global Coordinators for the offering. ABN Amro Rothschild, Goldman, Sachs & Co., Lehman Brothers and Salomon Smith Barney are also managing underwriters of the offering.

The company had high losses, but not extravagant considering its revenue. For the six months ended September 30, Infonet had a net loss of $9.7 million on revenue of $173.2 million. For the same period in 1998, net loss was $4.7 million on revenue of $140.6 million.

Infonet provides cross-border managed data communications services to more than 1,150 corporations worldwide. Its competitors include AT&T (NYSE: T), British Telecom (NYSE: BTY), MCI WorldCom (NasaQ: WCOM) and Global Crossing (Nasdaq: GBLX).

  • OnDisplay Inc.'s (Nasdaq: ONDS) IPO will price for trading Thursday after it upped its projected range for to $22-24 per share from $11-13 per share, the e-business services provider said.

    The offering of 3.5 million common shares is being underwritten by Robertson Stephens, Deutsche Banc Alex. Brown and SG Cowen.

    The San Ramon, Calif.-based company now expects to make about $74 million after expenses under the middle of the new range compared to $38.1 million under the prior one, which it will use for general corporate purposes.

    For the nine months ended September 30, OnDisplay had net loss $9.8 million of on revenue of $4 million. This compares to a net loss of $5.8 million on revenue of $1.8 million for the same period in 1998. Most of that revenue was derived from software licenses and service fees from one suite of products, CenterStage, to which it has just added three new products.