4 Tech IPOs Post Strong Gains on Nasdaq
Four technology offerings posted solid gains in their Nasdaq debuts Friday, boosted by a rebound in Internet stocks and the thinning of the new-issues calendar.
The newcomers--Agile Software Corp., LookSmart Ltd., MyPoints.com Inc. and Lionbridge Technologies Inc.--benefit in some cases from the slimmed-down sizes of their deals, analysts said.
Agile (ticker symbol: AGIL) soared 90% to close at $39.88. Bucking a trend, the San Jose company was priced above its upwardly revised range. The business-to-business specialist raised $63 million in an initial public offering led by Morgan Stanley Dean Witter.
“[Investors] have gone from pure ‘.com’ companies and become more focused on network communications and infrastructure firms,” said Matt Johnson, a strategist at Thomas Weisel Partners. “Most importantly, software has become the favorite.”
San Francisco-based LookSmart (LOOK), a Web directory provider, rose 44% to close at $17.31. It raised $92.4 million after offering 7.7 million shares, down from the planned 12 million, though it priced as expected. Goldman Sachs led the deal.
Online marketer MyPoints.com Inc. (MYPT) rose 38% to close at $11. The San Francisco firm offered 5 million shares, raising $40 million, through BancBoston Robertson Stephens. The price range was cut to $8 from $10-$12.
Waltham, Mass.-based Lionbridge Technologies (LIOX), which provides globalization services to tech firms, rose 26% to $12.63 after its IPO of 3.5 million shares at $10 each--reduced from the original $12-$14. Prudential was the lead underwriter.
