iManage, Virata and Rainmaker Systems all got off to fine starts in their initial public offerings Wednesday.
The company had revenue of $12.7 million for the nine months ended September 30, versus $ 4.8 million for the 1998 period. Net loss widened slightly to $2.7 million from $2.6 million in the six months of 1998.
The company depends heavily on law firm customers, and states in its regulatory filings that if it does not expand sales to other customers, it may not be able to keep up with past growth rates. Licenses to law firms and professional service firms accounted for 94 percent of iManage's total revenue for the nine month period ended September 30.
Robertson Stephens is the lead underwriter for the offering. USB Piper Jaffray and C.E. Unterberg Towbin are co-managers.
Rainmaker had revenue of $42 million for the nine months ended September 30, versus $30.4 million for the same period a year ago. Net loss was $4.6 million for the most recent 9 months, compared to a profit of $2.3 million for the 1998 period.
Donaldson Lufkin is the lead underwriter. Thomas Weisel and SG Cowen are co-managers.
The company provides communications processors and software to digital subscriber line equipment manufacturers.
Virata had revenue of $3.5 million for the six months ended October 3, 1999, a good uptick from the $1.7 million the company netted in the same period of 1998. Net loss narrowed to $7.6 million, versus $11.7 million in 1998.
Virata relies on third party foundries to manufacture its semiconductors. It also relies on a limited number of customers. For the six months ended October 3, Orckit Communications (Nasdaq: ORTC), Com21 (Nasdaq: CMTO), Netopia (Nasdaq: NTPA) and Westell Technologies (Nasdaq: WSTL) accounted for 51.5 percent, 11.6 percent, 8.9 percent and 7.0 percent, respectively, of its total revenue.
CS First Boston is the lead underwriter for the offering, Warburg Dillon Read and Thomas Weisel are co-managers.
Fahnestock & Co. is the lead underwriter with an assist from Pacific Crest.
Web Street had revenue of $17.1 million and a net loss of $3.9 million for the nine months ending Sept. 30. The company had $519 million in assets at the end of that period.
The company, which caters to active traders, faces stiff competition from a host of online brokers.