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CNET News.com: Late [Red Hat] IPO change left many red-faced

Aug 12, 1999, 16:56 (4 Talkback[s])
(Other stories by Stephen Shankland)

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"Red Hat's stock more than tripled in its first day of public trading--but for a second time, the company's goodwill effort to include the Linux community went sour.

Weeks ago, Red Hat sent out an invitation to participate in the initial public offering to hundreds of programmers and others who had helped the Linux effort. But a change yesterday in the expected price range of the offering left many scrambling with E*Trade today to reconfirm that they wanted to participate.

The hurdles today were a sequel to a problem two weeks ago when many found themselves unable to participate, because they didn't meet requirements for minimum net worth. The wrinkles undermined a goodwill effort on Red Hat's part to offer 800,000 shares to the members of the open source community who had helped to develop Linux."

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