“Andover.Net…announced the initial public offering of
4,000,000 shares of Andover.Net common stock at a public offering
price of $18.00 per share. All 4,000,000 shares were offered by
Andover.Net. The offering was underwritten by WR Hambrecht +
Co, Advest, Inc. and DLJdirect Inc. through WR Hambrecht + Co’s
proprietary OpenIPO system. Andover.Net has granted the
underwriters an option, exercisable within the next 30 days, to
purchase an additional 600,000 shares solely to cover
over-allotments.”
“The clearing price of Andover.Net’s common stock, as determined
through WR Hambrecht’s OpenIPO auction process, was $24 per share,
above the revised filing range of $15 to $18 per share. The Company
raised $72 million in gross proceeds; $18 million more than at the
mid-point of the initial filing range of $12 to $15 per share.
Andover.Net elected to set the public offering price at $18, which
was below the clearing price. Andover.Net is the first company to
activate this feature of the OpenIPO process.”
“Andover.Net is a leading Linux/Open Source Internet destination
with a total of over 2 million users and over 40 million page
impressions on a monthly basis. Its network of Web sites provides
an independent, unbiased source for content, community and commerce
for the Linux/Open Source communities. Andover.Net properties
include Slashdot (slashdot.org), a Web site for Linux/Open Source
news, community comments and resources and Freshmeat
(freshmeat.net), a downloadable Linux software application
repository.”