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5/24/2002
07:54 AM
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How About Those IPOs?

The sad reality is that, in this market, last week amounts to a red-hot one for tech initial public offerings: three IPOs, one of which never got above its offering price.

Both of the more successful offerings were weighted toward services for health care and government. Computer Programs & Systems is a 23-year-old Mobile, Ala., company that provides IT to hospitals. It was trading on Nasdaq at about 14% above its offering price by week's end. SRA International, a Fairfax, Va., company that jumped 26% on first-day trading May 24 on the New York Stock Exchange, provides consulting and system integration for government agencies and health care, particularly in data mining, disaster recovery, and system management. Its contracts include a large number of ongoing projects related to defense and national security.

A deal that won't bring life back to tech IPOs was last week's $50 million Nasdaq offering by Altiris. The Lindon, Utah, company, which makes IT systems-management software, was down about 15% in its first two trading days.

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