The Internet IPO market isn’t nearly as explosive as it was a few months ago, but Friday’s trading was proof that there’s still money to go around. Friday’s big IPO winner was online consulting and design company Viant (Nasdaq: VIAN), whose services include e-commerce consulting.
Viant priced its IPO at $16 after an original price range of $10 to $12. The stock opened at 27-3/4 and rose as high as 29-1/2 before closing at 24-3/8, a gain of more than 52 percent. Viant’s IPO might have benefited from the reputation for lead underwriter Goldman Sachs.
The IPO of another Web consulting company didn’t fare as well, with shares of Appnet Systems (Nasdaq: APNT) — which bills itself as “the first full-service provider of e-commerce solutions” — closing unchanged at $12.