| 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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| To: neverenough who wrote (118) | 7/12/2000 12:23:47 PM | | From: The Other Analyst | | | | | I see 8 11/32 as a price. Glad I passed on this IPO. Usually you want to ask for any shares you can get since it is a near-sure thing that they will pop. Usually you don't need to bother reading the prospectus, because the profit you will make on the tiny allocation of shares you get will barely pay for the value of your reading time. But there are always exceptions to such generalizations. |
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