Word: ipos
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...home, Pepsi's restructuring--and the cash thrown off by the IPO--allows it to take dead aim at Coke's near monopoly in fountain soda sales. It's a hugely important part of the business. Pepsi holds its own in grocery and discount stores, but the fountain business gushes profits for Coke. Now, free of the restaurant business ("Why buy from one of your competitors?" Coke sales reps used to be able to say to fast-food operators), Pepsi can become more effective. Even if the campaign doesn't win many big accounts--it did win Bojangles and Pizza...
...right place at the right time." This year IEG, which he co-owns with 4 Star Financial Services, an investment company, is on track to generate $100 million in revenue and $35 million in profit. "It'll be exciting to see what happens with an IPO," Warshavsky says...
...with 150 employees and real revenue, has a good chance of launching a successful offering. Adult companies have gone public before--Playboy Enterprises in 1993 and New Frontier Media last year--but none of them, served up amid a frenzied IPO market, have been pure Internet plays. (One other, much less endowed company, efox.net Inc., has registered with the Securities and Exchange Commission for an IPO.) And remember, many recent Internet IPO stars were companies with no earnings--think Marketwatch, theglobe.com and Geocities. IEG is already hugely profitable. If it were comparably valued, it would be worth hundreds of millions...
...think Wall Street hasn't struggled with the value problem. Four years after Netscape rang the bell for Net mania with an initial public offering at $28 a share that soared to $58 in a day, underwriters remain skeptical and resist pricing Internet IPOs anywhere near where the market does. Last week Rhythms Netconnections was listed at $21 and closed the day at $69. Two weeks ago, Priceline.com started at $16 and shot to $69. If anything, the pricing of Net stocks is growing more off kilter. The average first-day gain for an Internet IPO has swelled from...
Underwriters have started capturing more of the initial value of Internet companies. It's an indication that the pros are grudgingly conceding that Internet companies may be worth more than they first thought. Online firms like Eoffering and Hambrecht & Co., which marked up its first IPO last week, are proving it by going straight to retail and garnering higher prices for their wares. That and the fact that some Internet companies have begun to make real money have prompted firms like Morgan Stanley and Goldman Sachs to begin raising initial prices on their deals as well. In the first quarter...