The stock prices of Internet firms launching Initial Public Offerings (IPOs) continue to rocket sky high as two Web companies watched their share value soar on their first day of trading on Friday.
Net Perceptions, a developer of Web personalisation software, ended the day at $29-13/16, more than twice the IPO price of $14. Net Perceptions? software helps ecommerce sites deliver tailored information to their customers based on their interests. The technology is being used on such sites as CDNow and Ticketmaster Online.
Launch Media, an online music magazine, didn?t do quite as well but still managed a more than respectable 29 per cent rise over its $22 IPO price. At one point during the day, the stock traded over $36.
Both companies had raised their initial IPO prices, but the market?s insatiable demand for Internet stocks drove them up even further.
Other Internet stocks also rose on strong demand, erasing the effects of Monday?s slump. Amazon and Excite were both up about 10 per cent on Friday. Amazon closed the week at a record $210-1/8, growing its market capitalisation to over $30 billion.
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