|Here is a chuckle, which is a typical example of what happens when reporters try hard to make their stories as timely as possible by throwing in something hot off the wires.|
Divine InterVentures ventures out
IPO prices a bottom of range after delays
By Steve Gelsi, CBS.MarketWatch.com
Last Update: 12:01 PM July 12, 2000 NewsWatch
NEW YORK (CBS.MW) -- Divine InterVentures is venturing forth Wednesday after the Internet incubator endured an arduous process to take itself public.
The Chicago-based company priced its IPO at $9, at the bottom rung of its lowered $9-to-$10 pricing range, in an initial public offering led by Robertson Stephens.
It’s raising about $129 million by selling 14.3 million shares. That figure would put Divine $9 million above the $120 million it needed to raise in order to cash in on funding commitments from several big-name partners.
Divine’s timing may be boosted by positive news in the Internet sector Wednesday as the market reacts to a better-than-expected earnings report from Yahoo (YHOO). Shares of Yahoo surged 14 7/8, or 14 percent, to 120 3/4 on Wednesday morning
Yahoo is NOT a would-be incubator like DVIN. The link between Yahoo rebounding after fears that its earnings would disappoint, and then recovering when they did not disappoint, and divine is......non-existent.
I'm waiting to see where they open the stock. This is a company that should not have come public at this stage. The public has no way of evaluating its existing holdings, and therefore its track record, let alone its prospects.