E-commerce company Interwoven Inc saw its shares soar nearly 180% after the company’s initial public offering Friday, as investors clamored to grab a piece of the action. The shares traded all the way up to $47.50 before closing their debut session at $41, for a gain of 141%. The Sunnyvale, California-based provider of web content management software sold 3.2 million shares at $17 a share, above an already-upped $13 to $15 range. It was easily the most advanced stock of the day on Nasdaq.
Interwoven shares opened at $43 and finished the day Friday about 273% above the company’s originally proposed offering range of $10 to $12 per share. Its market capitalization currently stands at about $886m. Interwoven posted a loss last year of $6.3m on revenue of $4m. Credit Suisse First Boston acted as the lead underwriter for the deal with co-managers BancBoston Robertson Stephens and Dain Rauscher Wessels.
Meanwhile, internet postage company E-Stamp Corp saw its IPO well received as the issue rose as much as 94%. The shares opened at $30 and reached $33 before cooling down to close at $22.375 – a 31.6% premium over the $17 offering price. The San Mateo, California-based company saw total first-day volume of 10.6 million shares, becoming the most heavily-traded IPO of the day.
Donaldson, Lufkin & Jenrette led the offering of 7 million shares, with Bank of America Securities, Deutsche Banc Alex Brown and DLJ Direct also in on the deal. The shares were priced above an already upped $14 to $16 range. Based on Friday’s close, E- Stamp’s market cap is $841.3m, compared to rival Stamps.com Inc’s $1.17bn. E-Stamp lost $10.2m last year on no revenue.
Also Friday, shares in Jupiter Communications Inc jumped 69% on Nasdaq to close at $35.50 after the New York-based provider of e- commerce market research sold 3.13 million shares at $21 each. The stock opened at $36 and traded up to $47.375 in the session as 9.1 million shares changed hands. The offering was managed by Donaldson, Lufkin & Jenrette, Deutsche Banc Alex Brown, Thomas Weisel Partners LLC and DLJdirect Inc. Last year, Jupiter booked $14.8m in revenue and posted a loss of $2.1m.
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