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发信人: "Roy Guo" <roy@szu.edu.cn>, 信区: Linux
标 题: The Penguin is Turning Green
发信站: ShenZhen University (Sun Dec 5 19:30:46 1999)
转信站: ShenZhen-University!bbs.szu.edu.cn!not-for-mail
出 处: 210.39.3.71
The Penguin is Turning Green
By 32 Bits Online Staff
By Ronny Ko
Editor, 32BitsOnline.com
December 3, 1999
Next week will see the release of two new IPOs - VA
Linux Systems and
Slashdot's parent Andover.net. VA Linux is an Original
Equipment
Manufacturer (OEM) pre-installs ready-to-run Linux on
its systems.
Andover had largely been an unknown in the Linux
market space until its
acquisition of geek message forum Slashdot.org and
download site
freshmeat.net.
Earlier this year, Slashdot creator, Rob Malda agreed
to become part of
Andover for $1.5 million and over $367 million for
Patrick Lenz's
freshmet.net.
Shares in Andover is expected to be priced between $12
to $15. An
interesting twist in Andover's IPO is that will based
on the Dutch auction
format. Unlike traditional formats, if there are no
takers at a price, the
share price drops until someone successfully bids for
the stock lot.
Canadian auction company, BID.COM [NASDAQ: BIDS, TSE:
BII]
International used this method when it IPO. However,
the company saw
its share price tumble from a high of CND$32 the
previous day to close at
just over $20 after the first day of trading.
Investors are more upbeat about VA Linux systems "I
have a very good
feeling about VA Linux Systems as they have a much
more robust
revenue generating model than Andover's," said Jeffrey
Collop, an investor
who has been monitoring the rise of Linux since the
wildly successful Red
Hat [Nasdaq: RHAT] IPO. "I think that we can be
assured that VA can
mirror the Red Hat success," he added.
VA Linux Systems has continued the practice started by
Red Hat
Software to offer shares to anyone who has made
valuable contributions
to Linux operating system and its community. VA has
been offering 100
shares at pre-IPO prices. Investors agree that
offering shares to
developers can create pent up demand for the stock. In
addition, investors
who missed out on the Red Hat IPO feel that they
should participate -
thus creating pent-up demand for the offering.
VA Linux is expected to start trading next Friday
under the symbol
LNUX.
Acquistion - Not so fast!
Andover's prospectus called for rapid expansion, which
included using the
raised capital to purchase Linux.com, LinuxToday and
VA Linux
Systems.
Linux.com is a property of VA Linux System. The domain
cannot be sold
or used for profit as it is one of main reason that VA
Linux System
obtained the domain in spite of the fact that the
original site owner
recieved many bids including IBM. VA's bid was the
lowest.
LinuxToday was recently acquired by Internet.com
[Nasdaq: INTM].
This raises a problem where its prospectus has become
out-of-date.
Little Cash Flow
Andover's revenues reached $2.6 million for the year
ended Sept 30,
compared with $1.3 million on the same period last
year. Andover's top
advetisers accounted for 65 percent of its revenues
with 17% of which
coming from IBM. The remaining amount is accounted as
barter
advertisement.
Barter is a system that allows site to exchange
banners.
VA Linux Systems had better revenues of $14.8 million
in the quarter
endeed Oct. 29, up more than six times on the same
period last year.
The debt load of both companies has exploded. VA's
loss widened to $10
million, up from $97,000 just one year ago. Similarly,
Andover debt load
jumped to $11 million, compared with a loss of
$474,000 last year.
Whatever the outcome, going public is very risky
business where debt is
transfered to investors. Careful planning and
investment strategy will
pay-off.
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