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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:, or call (800) 350-3211.

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