Friday’s initial public offering of Online Resources & Communications Corporation (Nasdaq: ORCC), which provides e-commerce services for banks, wasn’t as successful. The IPO was priced at $14 and shares closed up just 1/16.
There is hope, however. ORCC provides services for a sector that is rapidly growing. Online banking is just starting to catch on, and many of the biggest players have yet to fully embrace it. ORCC, meanwhile, is focusing on delivering services to regional and community financial institutions, which is a market that is still largely untapped.
As interest in online banking grows — E*Trade’s purchase of Telebanc could signal the start of a series of major online banking deals — so will ORCC.