Word: ipos
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...others, the shake-out in IPO prices could signal a return to sanity that will strengthen the market over the long run. "There was rampant speculation this spring that needed to be dampened," says Robert Natale, who directs research on new issues at Standard & Poor's. Perhaps IPO investors will learn, as Buzz Lightyear did, that there is life even after the bubble bursts. --Reported by Bernard Baumohl/New York
...share on June 20, only to finish the day at $12 per share. ANSYS closed Friday at $12.37. New medical companies have been hit just as hard. CollaGenex Pharmaceuticals, a California dental-research firm, tried to lure investors last month by lowering the price of its IPO to $10 per share, well below the high of $15 originally projected. It didn't work: CollaGenex stumbled on its first day of trading, to $8.63 per share...
...investors too have a craving for concept. Last April Planet Hollywood's creators, Robert Earl and his principal partner, filmmaker Keith Barish, took the company to the markets via an initial public offering of its stock. With its high-dazzle celebrity partners generating headlines, and with a then dazzling IPO market (see story page 60) generating buyers, the price went into another orbit. Some 11 million shares were offered at $18 each, topped $26 (you and Arnold Schwarzenegger--co-owners!), and held firm in a shaky market. That values the company at almost $2.8 billion--91 times its very modest...
According to its IPO prospectus, the 14 units Planet Hollywood opened last year averaged revenues of $14.3 million each. Its restaurant at Disney World in Orlando, Florida, claims the world's highest gross, at $45 million in 1995, its first year. Revenues are expected to top $50 million this year...
Another new entry is the publicly traded Rain Forest Cafe, a chain featuring sensational tropical settings, live birds and faux snakes, a dollop of ecological education, long waits and well-rated food. Hot as the tropics, its stock rose a steaming 700% since an April 1995 IPO and on July 1 split three...