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Red Herring: Stick a fork in the IPO market -- it's done

Dec 28, 1999, 15:54 (0 Talkback[s])

"The once-crowded initial public offering neighborhood has become somewhat of a ghost town for the last two weeks of 1999, as Wall Street appears to have shuttered the doors against any new offerings until after the New Year's holiday."

"The now-famous Red Hat was priced at $14 on August 12. With a recent close of $234 per share, the stock is up 1,574 percent and sports a market capitalization of just over $16 billion. Cobalt Networks was priced on November 11 at $22 per share. With a recent close of $109 per share, the stock is up 395 percent and sports a market capitalization of almost $3 billion. Andover.net was priced on December 9 at $18 per share. With a recent close of $45 per share, the stock is up 152 percent and sports a market capitalization of $361 million. And VA Linux was priced on December 10 at $30 per share. With a recent close of $190.50 per share, the stock is up 535 percent and sports a market capitalization of $7.6 billion."

"That's stiff competition for market share, and that doesn't count other Linux-related firms such as TurboLinux, Linuxcare.com, SuSe, Caldera Systems, and Linux Mandrake, which even LinuxOne officials admit have more clout in the alternative-to-Windows universe, as well as more of an operating history."

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