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HolidayBuyer's Guide
Tech Industry

Update: Interwoven and Jupiter lead IPO parade

Interwoven and Jupiter Communications rocked the charts in their debuts, while other IPOs such as Illuminet Holdings, E-Stamp, Homeservices.com, Trizetto Group and VitaminShoppe.com fared more modestly.

  • Web content management software provider Interwoven (Nasdaq: IWOV) gained 24 to 41 after it priced its 3.15 million shares at $17, far above the expected range of $10-$12.

    Credit Suisse First Boston, along with Robertson Stephens and Dain Rauscher Wessels, are underwriting the deal.

    The company had a loss of $6.2 million on revenue of $ 5.0 million for the 6 months ended, compared to a loss of $2.4 million on revenue $886,000 for the same period in 1998.

  • Jupiter Communications Inc (Nasdaq: JPTR) was up 14 1/2 to 35 1/2 after it priced at $21, above its $18-20 range. The Internet commerce research company had already raised the projected price range on its 3.125 million shares was raised from $15-17.

    The IPO of New York City-based Jupiter has underwriters Donaldson Lufkin & Jenrette leading the deal, with Deutsche Banc Alex. Brown and Thomas Weisel Partners as co-managers.

    Net loss was just $130,000 on revenue of $14.4 million for the 6 months ended June 30, as compared to a loss of $1.6 million on revenue of $5.9 million for the same period in 1998.

    Jupiter's principal current competitor is Forrester Research, Inc. Gartner Group, Inc. has also announced its intention to compete in research related to Internet commerce. Otherwise, there are few outstanding risks listed in the company's filings with the Securities and Exchange Comission. No client accounts for more than 2 percent of revenue.

  • Illuminet Holdings (Nasdaq: ILUM) jumped up 9 1/2 to 28 1/2 after pricing at $19, the top of a $17-$19 range that was raised from an original $14.50-$16.50 range. Illuminet operates the largest unaffiliated Signaling System 7 (SS7) network in the country.

    Illuminet actually has net profits. The company had a net income of $4.4 million revenue of $41.6 million for the six months ended June 30, as compared to an income of $2.3 million on revenue of $26.6 million for the same period in 1998. Morgan Stanley is the lead underwriter, with Robertson Stephens and Donaldson Lufkin acting as co-managers.

  • E-Stamp (ESTM) was up 5 3/8 to 22 3/8. The U.S. Postal Serivce approved provider of online postage is also preparing to debut, competing against already public Stamps.com.

    The company doesn't have any revenue.

  • Trizetto Group Inc. (Nasdaq: TZIX) stayed flat at its initial offering price of $9 a share, the bottom of its $9-$10 range.

    Bear Stearns is the lead underwriter for the healthcare application service provider and Internet portal, Donaldson Lufkin and Adams Harkness act as co-managers.

    The company had a loss of $727 000 on revenue of $12.7 million for the six months ended June 30, 1999, compared to net income of $32,000 on revenue of $5.0 million in the 1998 period.

  • Homeservices.com (Nasdaq: HMSV) also didn't budge from its IPO price of $15. The real estate brokerage firm holding company priced at $15 a share, the lower end of its upwardly revised price range of $15-$17. A total of 3.25 million are being offered.

    In September, the company cut the number of shares it planned to offer to 2.187 million shares instead of 2.33 million shares and its largest stakeholder cut the amount of shares it offered to 1.562 million shares, down from 1.67 million.

    The company had whopping revenue of $148.9 million for the six months ended June 30, and a net income of $4.6 million . That compares with a net loss of $253, 000 on revenue of $26.2 million for the same period in 1998.

    HomeServices is the second largest residential real estate brokerage firm in the United States based on 1998 transaction figures for its firms and subsidiaries. After the IPO, HomeServices will continue to be a subsidiary of MidAmerican Holdings, which will then own 60.2 percent of HomeServices' common stock.

  • VitaminShoppe.com (Nasdaq: VSHP) fell 1 1/4 to 9 3/4, after pricing at $11 a share, the middle of its $10 to $12 range. Lead underwriter for the offering of 4.545 million shares is Thomas Weisel, and William Blair is a co-manager.

    The company had a net loss of $4.2 million on revenue of $4.3 million for the 6 months ended June 30. This compares with a net loss of $661 000 on revenue of $480 000 for the 1998 period.