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Internet IPOs Still Kicking

April 23, 1999|Bloomberg News, Times Staff

The market for Internet-related initial public offerings, rocked by last week's pullback in Net stocks, looked robust as ever Thursday:

* EToys Inc. of Santa Monica, which sells toys and games online, filed revised plans for an IPO--two days after postponing the stock sale because of a planned merger with BabyCenter Inc. The quick filing suggests that the EToys sale could return to the IPO calendar soon, while demand for Net offerings remains strong.

* Another Santa Monica-based Web site, Launch Media Inc., which features new music, sold 3.4 million shares at $22 each in its IPO after lead underwriter Hambrecht & Quist raised the price from the original $12 to $14. The stock will begin trading today on Nasdaq under the symbol LAUN.

* Shares of Log On America, a regional Net service provider in Providence, R.I., more than tripled in their first trading day--the fifth-best stock debut ever. The stock was offered at $10 a share and rocketed to $35 on Nasdaq. The symbol is LOAX.

EToys, meanwhile, plans to sell 8.2 million shares at $10 to $12 each, raising $90.2 million at the midpoint of the range, according to its revised plan filed with the Securities and Exchange Commission. The sale would represent 8.1% of the shares outstanding after the IPO and give the company a market value of about $1.1 billion. Those figures are the same as before the delay.

Goldman Sachs, which is handling the sale, said the IPO remains postponed and that it couldn't provide further information.

*

Options trading and IPOs will be the subjects of separate panel discussions at The Times' third annual Investment Strategies Conference, May 22-23 at the L.A. Convention Center. For information on the Web: http://www.latimes.com/isc, or call (800) 350-3211.

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