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Business Week: Red Hat Rides Roughshod to IPO Fame

Aug 13, 1999, 02:00 (1 Talkback[s])
(Other stories by Jonathan Noel)


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"More than 30 IPOs had been set to go off this week, but so far 6 companies, including Women.com, Garden.com, and Advanstar have shelved their plans indefinitely, and at mid-week it looks like only half of all expected IPOs will actually make it onto the market by Friday."

"Red Hat provides Linux-related services and tools to businesses using Linux, an open-source operating system that is making inroads as a viable alternative to Microsoft's Windows NT System."

"Intel Corp. has taken a more direct involvement. It holds what amounts to about 4.5 percent of the company's shares post-IPO. Other principal stockholders include the Boston-based Greylock IX Limited Partnership and Menlo Park, CA-based Benchmark Capital, which hold stakes of 13 percent and 9 percent, respectively."

The Red Hat executives who stand to profit most from the IPO are company CEO Robert Young, 45, and Marc Ewing, 30, the company's chief technology officer, each of whom owns roughly 9.1 million shares in the company. Their 14 percent stakes are worth about $470 million at today's closing price."

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