What makes Ariba’s performance even more impressive is that it happened on same day that online broker TD Waterhouse (Nasdaq: TWE) pulled off the biggest Internet IPO ever — in terms of value. TD Waterhouse priced a whopping 42 million shares at $24. That’s more than a billion dollars of stock.
Institutional interest was high — the offering was bumped from 32 million shares to 42 million shares on Tuesday — with numerous big block trades of more than 10,000 shares on Wednesday. Shares of Waterhouse closed up 1-5/8 to 25-5/8. Many investors expected more, but all things considered, this IPO did just fine.