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IPOs reveal split personalities

One company jumps 174 percent, another climbs a scant 1.5 percent, and the third falls 25.5 percent below its offering price.

    A trio of technology IPOs showed mixed results today, with one company skyrocketing 174 percent, another climbing a scant 1.5 percent, and the third falling 25.5 percent below its offering price.

    Blue Martini, which makes software that lets companies communicate with customers via cell phones, call centers or the Internet, soared $34.78 to close at $54.78 on a volume of 15.4 million shares.

    The San Mateo, Calif.-based company raised $150 million yesterday through the sale of 7.5 million shares at $20 each. Initially, the software maker planned to raise $97.5 million.

    "I'm not sure why there's so much demand for this company, except it's just in a hot market," said George Nichols, IPO analyst with Morningstar. "The company is not profitable, and it's not going to be profitable anytime soon."

    Blue Martini lost $11.5 million in the first quarter of 2000 on revenues of $10.6 million.

    Blue Martini's customers include Levi Strauss, Harley Davidson and Gymboree. The company trades on the Nasdaq under the ticker symbol "BLUE." Goldman Sachs handled the sale.

    Another company, Evoke Communications, which provides Web conferencing and Webcasting services, rose a meager 12 cents to close at $8.12 on a volume of 8.5 million shares.

    Yesterday, the Louisville, Colo.-based company raised $56 million through the sale of 7 million shares at $8 each. Initially, Evoke planned to raise some $110 million but reduced the number of shares offered and the sale price in response to slack investor demand.

    Evoke's technologies are designed for business-to-business communication. The company lists such high-profile customers as Microsoft, Excite@Home and Wells Fargo. Evoke also offers its Webcasting and conferencing services via Excite@Home, Blue Mountain Arts and Lycos to reach small-business customers.

    Evoke trades on the Nasdaq under the ticker symbol "EVOK." Salomon Smith Barney handled the sale.

    Web and applications hosting company Interland fell $3.06, or 25.5 percent, to close at $8.94 on a volume of 7.6 million shares.

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    The Atlanta, Ga.-based company, which operates data centers to aid the high-speed delivery of data, raised $60 million last night through the sale of 5 million shares at $12 each, at the bottom of its $12 to $14 range.

    Interland has venture funding from such notable companies as Microsoft, Network Solutions and Bell Atlantic.

    Last quarter, Interland lost $10.8 million, more than its $6.2 million in revenue. Interland will trade on the Nasdaq under the ticker symbol "ILND." Bear Stearns handled the sale.