In one of the busiest days in months for the IPO market, the majority of new tech offerings fizzled on markets jitttery from inflation fears.
Gainers included software developer NetIQ (Nasdaq: NTIQ) and website traffic analyzer Accrue Software (Nasdaq: ACRU) made moderate gains. Web host Digex (Nasdaq: DIGX) saw the largest gain, up 22 percent by Friday afternoon.
But Friday also produced four of the so-called "broken" IPOs. Telxon spin off Aironet (Nasdaq: AIRO) sunk, Continuus Software Corporation (Nasdaq: CNSW) faded, and Watchguard Technologies (Nasdaq: WGRD) retreated Friday afternoon. N2H2 (Nasdaq: NTWO), which filters Internet content for schools debuted earlier in the day, and failed to make the grade. Accrue Software Inc. (Nasdaq: ACRU), which offers Web site traffic data collection and analysis software, picked up 1 1/4 to 11 1/4, or 12.5 percent.
The offering of 3.9 million shares priced at $10 a share, the top of its range. It was underwritten by Robertson Stephens and Thomas Weisel.
The Fremont, California-based company of 62 was founded in 1996. It names WebTrends (Nasdaq: WEBT), trading at 33 1/2, and the recently public NetPerceptions (Nasdaq: NETP), at 16, as similar companies. Aironet Wireless Communications, Inc. (Nasdaq:AIRO) announced today the initial public offering of 6.0 million shares priced at $11 each, the top of its $9-$11 dollar range.
Shares in the maker of high-speed wireless local area networking solutions sunk almost 6 percent, down 5/8 to 10 3/8.
Of the 6 million shares offered, 2 million are being sold by Telxon Corporation (Nasdaq:TLXNG). Aironet will not receive any proceeds from the sale of shares by Telxon. The offering is being managed by Dain Rauscher Wessels, a division of Dain Rauscher Incorporated, Prudential Securities Incorporated, and CIBC World Markets Corp.
The Akron, Ohio-based company was founded in 1993. Proxim Inc. (Nasdaq: PROX) and Metricom Inc.(Nasdaq: MCOM) are among similar companies. Continuus Software Corporation (Nasdaq: CNSW), provider of Internet and enterprise software asset management products, priced 2.5 million shares at a meager $8 each for its initial public offering.
Shares were down 3/16 to 7 7/8 Friday afternoon.
U.S. Bancorp Piper Jaffray and CIBC World Markets co-managed the offering. Continuus is held by Pacific Life & Annuity Company , or LPLA, a subsidiary of the London Pacific Group Limited (Nasdaq: LPGL). LPLA will own the equivalent to 11.1% of the company post IPO.
The company, formed in 1984, compares to Rational Software Corp.(Nasdaq: RATL) and MERANT plc (Nasdaq: MRNT) Shares in NetIQ (Nasdaq: NTIQ) the maker of performance management software for Windows-NT systems were up 2 5/8, or 20 percent, to 15 5/8.
The 3.0 million shares had been priced at $13 each, the top of their $11 to $13 range.
The public offering for the Santa Clara, California-based company was underwritten by CS First Boston. Micromuse Inc. (Nasdaq: MUSE) and BindView Inc.(Nasdaq: BVEW) are named as similar companies. Shares in WatchGuard Technologies, Inc. (Nasdaq: WGRD), a provider of Internet broadcast security software sunk 1 1/8 to 11 7/8, or over 8 percent .
The 3.5 million shares had been priced at $13 per share, the top of its $11-$13 range. The company said Wednesday it was raising its range from $9-$11 per share. The offering was underwritten by Dain Rauscher Wessels, Warburg Dillon Read LLC, SoundView Technology Group and Wit Capital Corporation.
Axent (Nasdaq: AXNT) and Check Point (Nasdaq: CHKP) over similar services to the Seattle, Washington-based company, founded in 1996.