Shares of online automobile retailer Autoweb.com (Nasdaq:AWEB), were up 186 percent on their first day of trading on Tuesday, closing up 26 points, at 40. And now things really get interesting.
Autoweb.com rival Autobytel.com was scheduled to go public today, but a mid-day update indicates that the IPO has been postponed, reportedly because the company is still waiting for final SEC approval. Shares are expected to start trading tomorrow. Reports also indicate that on Tuesday, Autobytel.com raised its initial public offering price to $20-$22 from $16-$18 (US$), perhaps responding to Autoweb.com’s success.
Some analysts thought that Autoweb.com’s IPO wouldn’t be a big success because of the looming competition from Autobytel.com. But uniqueness doesn’t seem to be all that important these days if you’ve got a .com in your name.