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Initial Public Offering Florida Article
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1998 Initial Public Offering: Noted to be an IPOmania for Internet-based Companies
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The year 1998 is just a common year on the Gregorian calendar aside from being the year of the Gemini or the Twins. However, there are various significant events happened during this year.
In this year of January 6 when the Lunar Prospector (a mission selected by the National Aeronautics and Space Administration for full construction and development as part of the Discovery Program and designed for low polar orbit investigation on the moon) spacecraft was launched into the Moon’s orbit, and later on found out that there are evidences of frozen water in the Moon’s poles. It was also this year of January 8 when Ramzi Yousef, the prime suspect in World Trade Center bombing was sentenced to life imprisonment. It was also the same year of February when the U.S. Senate passed Resolution 71 which urged then U.S. President Bill Clinton to take all necessary actions in response to the threat posed by Iraq’s refusal to end its WMDP (weapons of mass destruction program).
And who would ever forget the discovery of the White House scandal wherein then U.S. President Bill Clinton have discreet relationship with former White House intern Monica Lewinsky that has captured the attention of the international community? The year 1998 is full of events that everybody would not forget.
And it is also the year when various Internet companies go IPOmania!
The Internet technology had its growth in 1998, both in terms of usage and sophistication of the features it offered to the public. It brought out promises to the general public that it would change the way they lived. In the same manner, it also brought a promise to the business community that it would change the way investors would conduct business and could generate huge profits.
And it became true. Google, Inc., which is the largest search engine company on the Internet, launched its first search services in 1998. It is also the same year when online auctioneer eBay went public in September 1998.
Initial public offering (IPO) in 1998 was noted to be one of the most remarkable performances of the IPO market. According to the statistics of the U.S. Securities and Exchange Commission (SEC), there are about 370 IPO registrants in this year and it generated total revenues of $44.8 billion, making it one of the remarkable years in the IPO market. Out of this number of IPO registrants, 25 are Internet-based companies. Some of them are as follows:
• 24/7 Media- when it went public in August 14, 1998, its initial IPO price is $14 per common share. After its closing, per common share’s value increased to $25.88 or a change of 84.82 percent.
• Broadcast.com- when it went public on July 17, 1998, its initial IPO price is $18 per common share. After its closing, per common share’s value increased to $71 or a change of 294.44 percent.
• Broadcom- when it went public in April 17, 1998, its initial IPO price is $24 per common share. After its closing, per common share’s value increased to $112 or a change of 366.67 percent.
• eBay- when it went public in September 24, 1998, its initial IPO price is $18 per common share. After its closing, per common share’s value increased to $252.25 or a change of 1,301.39 percent.
• Geocities- when it went public in August 11, 1998, its initial IPO price is $17 per common share. After its closing, per common share’s value increased to $37.88 or a change of 122.79 percent.
What else can you say? The year 1998 is noted to be an IPOmania for Internet-based companies. Huge revenues and successful business operation-- that is how initial public offering works for a company.
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