Tech stocks thrown in the deep end
- — 11 May, 2000 17:01
Despite strong prospects from company directors, Worldshool debuted on the ASX yesterday 55 per cent below its issue price of $1 and closed the day's trading at around 28 cents. Trading this morning has seen the education portal company rise slightly to a high of 33 cents, as of 11:30am.
Multimedia infotainment company Terraplanet is also confident it will be spared from the stock slide. Terraplanet closed its IPO with over 3000 applications and limited its acceptances to $21.5 million. Shares were issued at $1.
"The overwhelmingly positive response to our offer is a result of a combination of online initiatives and our existing offline properties which are already showing real turnover and real profits," John Spira, Terraplanet's chairman, said.
Meanwhile, adult products company Sharon Austen, which listed today, is showing stronger prospects. With close to a day's trading completed, the company is yet to fall below its issue price of 50 cents, but has not risen above 52 cents.
Other internet stocks hit by this week's slide include Ehyou.com and InvestorInfo.