Internet search engine Excite
had a respectable if not outstanding first day of trading yesterday, making it
the second Internet company this week facing intense competition in a
fledgling product niche to gain millions on Wall Street this week.
Two days after rival Lycos went
public, Excite opened yesterday with 2 million shares of common stock at $17 each and closed at $20 per share. The company's initial offering price was significantly higher than
analysts' estimates of $12 to $14.
Lycos, meanwhile, fell to $18 per share yesterday. Lycos had started out at $16 on its Wall Street debut Tuesday and closed the day at $21.94.
Excite, which has 10.7 million shares outstanding, filed its registration
statement for an IPO with the Securities and Exchange Commission on March
11. The offering is being managed by Robertson, Stephens & Co. and Furman Selz.
The stock market is closed today for Good Friday.
A third search engine, Yahoo, is expected
to go public next week.
Lycos bodes well for Net
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Excite follows Yahoo with
Yahoo set to go public