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CNET News.com: Andover.Net success boosts OpenIPO concept

Dec 13, 1999, 16:17 (0 Talkback[s])
(Other stories by Dawn Kawamoto)

"When shares of Andover.Net more than tripled on their first day of trading last week, institutional investors and company employees weren't the only winners."

"Under a unique method for launching initial public offerings, individual investors also were able to obtain shares at the offering price of $18 and watch them surge to more than $63 within a day."

"For underwriter WR Hambrecht, Andover.Net's success seemed to redeem a novel approach to allocating coveted IPO shares. Two previous efforts had been far less spectacular. However, at least one institutional investor who missed out on the run-up believes the process was flawed."

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