| To: Glenn Petersen who wrote (106) | 7/7/2000 9:29:52 PM | | From: The Other Analyst | | | | | Looks to me like this is an issuer who is very particular about the IPO terms and wants to squeeze every bit he can out. He didn't like CSFB telling him he should wait, so he went to Robbie Stephens when they said they could get a higher price. Turns out they couldn't. This guy is not out to make money for the shareholders. I would avoid it. |
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| To: The Other Analyst who wrote (107) | 7/8/2000 2:01:36 AM | | From: Sr K | | | | I would not avoid it ...
Divine, which takes significant investments in Internet
companies and offers them a suite of legal, real estate
and public relations services, has already started shifting
and cutting back its ambitious plans.
... I'd hope they get the offering off, and then I'll follow it closely - it has the potential to be one of the all-time great shorts.
Where is the value added in providing legal, real estate, and pr services? This is an unwieldy mess, set up at a time of an Internet flurry and bubble. It makes no sense to me.
There are private companies, similarly positioned, better focused, with technology and marketing that sets them apart, valued at 1/4 to 1/8 of this bloated company. By this comparison I think a fair value is about $2.00-$3.50 per share.
Anything over $14 is like putting a bullseye on the stock.
One more thing. The name ... the "inter ventures" I get, but the "divine" is so 1999, and if they think they need outside help from above, why would anyone want to invest in it down here? |
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| To: Sr K who wrote (108) | 7/11/2000 10:08:11 AM | | From: Glenn Petersen | | | | DVIN delayed again:
news.cnet.com
Net incubator delays IPO for third time
By Cecily Barnes
Staff Writer, CNET News.com
July 10, 2000, 4:50 p.m. PT
Divine InterVentures may be hoping for some form of intervention--divine
or otherwise.
Today, the Internet holding company postponed its initial public
offering for the third time. It had originally planned its offering
before the end of June. That was changed to last Friday, which was
rescheduled for today.
The company, which funds mostly business-to-business start-ups, now
plans to sell 14.2 million shares at a range of $9 to $10 tomorrow,
according to underwriters Robertson Stephens.
In addition to the delays, Lisle, Ill.-based Divine has changed the
terms of its offering in at least three other ways since December. The
company cut the number of shares offered down from 50 million. It
lowered its pricing range by $4. And it replaced underwriter Credit
Suisse First Boston with Robertson Stephens, after the bank proposed
holding the IPO until this fall.
Divine's frequent tuning of its IPO could be attributed to the pressure
to complete by July 29 an IPO that raises at least $120 million. If
Divine meets these guidelines, it stands to receive an additional $220
million in a private placement from investors including Microsoft and
Hewlett-Packard, said Paul Bard, an analyst with Renaissance Capital.
"That private placement is not valid unless they complete the offering
by the end of the month," Bard said. The company "might be saying, 'OK,
let's take whatever capital we can.'"
Divine, formed in May 1999, consists of 52 business-to-business
e-commerce companies, 15 of which are located within Divine's offices.
Payments from member companies, along with consulting fees and venture
management fees, contribute to the company's revenues.
Divine reported $5.3 million in revenues in the first quarter of 2000
and a loss of $77.4 million.
The company funds mostly business-to-business (B2B) growth companies,
not a current favorite among investors.
"People are a little more wary of the prospects of these smaller B2B
start-ups," Bard said. "It's difficult to value the portfolio of
investments that they have. (The stock's price) is really going to be
driven by what the institutional investors are willing to pay."
Shares of CMGI, an incubator firm similar to Divine, have fallen 71
percent this year, and shares of Internet Capital are down 82 percent
for the year.
If and when Divine's IPO does take place, the shares will trade on the
Nasdaq under the ticker symbol "DVIN." |
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| To: The Other Analyst who wrote (107) | 7/11/2000 7:19:40 PM | | From: Glenn Petersen | | | | DVIN prices at $9:
biz.yahoo.com
Tuesday July 11, 6:51 pm Eastern Time
Divine InterVentures prices ipo at $9/shr
NEW YORK, July 11 (Reuters) - Divine InterVentures Inc. (NasdaqNM:DVIN - news), the highly watched internet and e-commerce company incubator, finally priced on Tuesday at $9 per share, at the bottom of its expected range, after several delays and changed expectations.
The company raised $128.57 million by selling 14.285 million shares. Last week, the Lisle Ill.-based company changed its expected price range to $9-$10 per share from $13-$15 per share.
The company was expected to price last Friday, and then again on Monday, but lead underwriters Robertson Stephens delayed the pricing each time.
Credit Suisse First Boston was the initial underwriters on the pricing, but Divine InterVentures chief executive Andrew ``Flip'' Filipowski, decided to change to Robertson Stephens.
When the company initially filed its IPO with the Securities and Exchange Commission in February, it planned to sell 50 million total shares in the range of $6 to $8 per share. The company subsequently altered the price range and the amount of shares it would sell, settling on 36 million, 14.28 million of which were offered to the public.
Divine InterVentures, which will trade under the symbol ``DVIN'' on the Nasdaq exchange, invests in internet and e-commerce companies. |
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| To: Glenn Petersen who wrote (110) | 7/12/2000 12:16:45 PM | | From: The Other Analyst | | | | 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
Latest headlines
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. |
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