NetIQ, Accrue, Digex gain, other IPOs flop

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.

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