SilkNet Soars; Liquid Audio Files for $60m IPO

Computergram International, May 6, 1999

Shares in e-commerce software provider SilkNet Software Inc soared on their Nasdaq debut yesterday after the Manchester, New Hampshire-based company sold 3 million shares at $15 each. The issue finished the day at $35.125, up 134% from the offering price on volume of more than 11 million shares. The shares opened the day $20.125 and traded as high as $35.75, easily becoming the most advanced stock of the day on the Nasdaq. Credit Suisse First Boston, BancBoston Robertson Stephens, NationsBanc Montgomery Securities LLC and First Union Capital Markets Corp managed the offering.

Meanwhile, internet music delivery company Liquid Audio Inc has filed with the Securities and Exchange Commission for an initial public offering of up to $60m worth of common stock. The number of shares to be offered and the price range have yet to be determined. All of the shares will be sold by the Redwood, California-based company and the offering will be managed by Lehman Brothers, BancBoston Robertson Stephens and US Bancorp Piper Jaffray. According to the regulatory filing, the 76-person company posted a net loss of $9,000 last year on revenue of $2.8m.