IPO Roundup: Virata, iManage, Web Street prep IPOs

Daily Newsletters

Sign up to ZDNet UK's daily newsletter.

NEWS
A handful of tech companies are prepped to make their market debuts Wednesday as Web Street, iManage and Virata priced IPOs at the top or above their projected ranges. Rainmaker Systems priced at the bottom of its price range. Here's a look at the prospects: iManage which makes software for e-business communication management, priced its 3.6 million shares at $11 (£7), well above its price range of $8 to $10 a share. The company had revenue of $12.7m for the nine months ended September 30, versus $ 4.8m for the 1998 period. Net loss widened slightly to $2.7m from $2.6m in the six months of 1998. The company depends heavily on law firm customers, and states in its regulatory filings that if it does not expand sales to other customers, it may not be able to keep up with past growth rates. Licenses to law firms and professional service firms accounted for 94 percent of iManage's total revenue for the nine month period ended September 30. Robertson Stephens is the lead underwriter for the offering. USB Piper Jaffray and C.E. Unterberg Towbin are co-managers. Rainmaker Systems will offer 5 million shares at $8, the bottom of the $8 to $10 a share price range. Rainmaker provides customer relationship management services to software companies with sales, marketing and other customer relationship programs using the Internet. Rainmaker had revenue of $42 million for the nine months ended September 30, versus $30.4 million for the same period a year ago. Net loss was $4.6 million for the most recent 9 months, compared to a profit of $2.3 million for the 1998 period. Donaldson Lufkin is the lead underwriter. Thomas Weisel and SG Cowen are co-managers. Virata has tagged its 5 million shares at $14, above its raised $11 to $13 price range. The range was raised from $9 to $11 a share. The company provides communications processors and software to digital subscriber line equipment manufacturers. Virata had revenue of $3.5m for the six months ended October 3, 1999, a good uptick from the $1.7 million the company netted in the same period of 1998. Net loss narrowed to $7.6 million, versus $11.7m in 1998. Virata relies on third party foundries to manufacture its semiconductors. It also relies on a limited number of customers. For the six months ended October 3, Orckit Communications, Com21, Netopia and Westell Technologies accounted for 51.5 percent, 11.6 percent, 8.9 percent and 7.0 percent, respectively, of its total revenue. CS First Boston is the lead underwriter for the offering, Warburg Dillon Read and Thomas Weisel are co-managers. Online broker Web Street priced its 3.5 million shares at $11 a share, the top of its $9 to $11 price range. Fahnestock & Co. is the lead underwriter with an assist from Pacific Crest. Web Street had revenue of $17.1m and a net loss of $3.9m for the nine months ending September 30. The company had $519m in assets at the end of that period. The company, which caters to active traders, faces stiff competition from a host of online brokers. See techTrader for more technology investment news, plus quotes and research.

Post your comment

In order to post a comment you need to be registered and logged in.

You can also log in with Facebook. Log in or create your ZDNet UK account below

  • Login

Will not be displayed with your comment

By signing up for this service, you indicate that you agree to our Terms and Conditions and have read and understood our Privacy Policy. Questions about membership? Find the answers in the Community FAQ

Get ZDNet UK's daily newsletter

Enter your email address to sign up

ZDNet UK Live

45283

I think WinRT is fantastic. I just wish it was an option for people that didn't want to go through Microsoft's App Store with its attendant...

2 hours ago by 45283 on Why Windows 8 needs architectural hygiene for WOA
Burn-IT

Nine people? £30m? Who's back pocket is that lot going in? And IF they say it is for new buildings, what about all the ones the government has...

4 hours ago by Burn-IT on Police set to launch three £30m e-crime hubs
ewallace

Just to be clear, nobody knows what is in the text of ACTA, here is a photograph of the text of ACTA http://twitpic.com/8h9iju as submitted to the...

4 hours ago by ewallace on ACTA: Facts, misconceptions and questions
fgvrg56

Unfortunately main issue is that ASUS is refusing to accept that they make some mistake on this version of asus Transformer prime. 1 - GPS sensor...

5 hours ago by fgvrg56 on Asus Eee Pad Transformer Prime Wi-Fi & GPS problems?
Ben Woods

@Marcus A fair question. Just talked with Archos which said it was working on an announcement for next week....

6 hours ago by Ben Woods on Archos confirms G9 Ice Cream Sandwich update schedule
Marcus Karlsson

Any update on this, considering the claimed "first week of February"?

7 hours ago by Marcus Karlsson via Facebook on Archos confirms G9 Ice Cream Sandwich update schedule
apexwm

Bill Goodrich : Just as al_langevin pointed out, with Windows Server 2008 there is no Services for Macintosh anymore. It's gone, not available....

15 hours ago by apexwm on Windows Server 2008 drops the ball for Mac compatibility
txtrainguy

Replying to an old topic that I'm currently facing with my CEO (who is on a Mac). Our servers are primarily Windows Servers, office is about...

22 hours ago by txtrainguy on Windows Server 2008 drops the ball for Mac compatibility
k0tcs3

Sure, that makes perfect sense. Pay wrong-doers money and thank them for breaching your security and pointing out your flaws, that would surely...

22 hours ago by k0tcs3 on US indicts Romanian over NASA climate change hack
Random_Error

I think he's referring specifically to Android apps, as Apple do regulate their App Store, but Google seem to let any old crap onto the Android store!

22 hours ago by Random_Error on RIM: BlackBerry will keep 'garbage' apps out of store
Paul Fezziwig

Keep the crap apps out?! How will they compete with Android and Apple's claim to fame of having so many life changing apps? I wonder if the media...

1 day ago by Paul Fezziwig via Facebook on RIM: BlackBerry will keep 'garbage' apps out of store
Aigars Mahinovs

It has been shown time after time that if there is an author store that sells the songs at even 1$ per song and gives you a high-quality digital...

1 day ago by Aigars Mahinovs via Facebook on Copyright isn't working, says European Commission
awbMaven

""As a result of Butyka's alleged conduct, researchers were unable to use the computers for more than two months while NASA removed the malicious...

1 day ago by awbMaven on US indicts Romanian over NASA climate change hack
subhorup

It simultaneously worries me and uplifts me that a self-proclaimed group of internet activists name themselves after Indian mythical figures....

2 days ago by subhorup on Anonymous activists release PCAnywhere source code
naviathan

It's actually far easier to work anonymously on the internet than you think. With tools like Tor bouncing your traffic around the world before...

2 days ago by naviathan on Anonymous activists release PCAnywhere source code
Agnostic_OS

1000272134 and bluedalmatian with you both there but then I'm still in 10.04 land (and happy with it)

2 days ago by Agnostic_OS on Ten factors that make Ubuntu 11.10 a hit
apexwm

Interesting article and definitely see your points on the products mentioned. One of the top products for our Help Desk (approximately 20% of all...

2 days ago by apexwm on Ten flawed products that derail productivity
Paul Hutchinson

Absolutely - this should obviously not be handled my isp - but handled by their hosting operator. What's been suggested here is that my isp police...

2 days ago by Paul Hutchinson via Facebook on MPs urge ISPs to take down terrorist material
Techs UK

Looks like a great phone. I don't notice any deficiencies in WP7. used IOS before, that's pretty good. I don't spend much time in Apps, all i need...

2 days ago by Techs UK on Nokia pins US 're-entry' hopes on Lumia 900
Larry Bloggy

Now with the help of these apps you are always synced with MS outlook while on the move. Just download apps like xobni or outlookreflex and get...

2 days ago by Larry Bloggy via Facebook on Outlook Social Connector beta 2 and the LinkedIn connector