TITLE

Tech's Season In Convertibles

AUTHOR(S)
Tunick, Britt Erica
PUB. DATE
June 2003
SOURCE
Investment Dealers' Digest;6/16/2003, Vol. 69 Issue 24, p10
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
After several years as the unwelcome players on the edges of the equity playing field, technology companies are finally preparing to get into the main focus. But don't expect the technology sector to move back in to the initial public offering arena. Instead, technology companies are spending this season in the convertibles market, where they've raised close to $6 billion since the start of the year, according to Thomson. Bankers expect most technology companies will remain on the same funding paths they've frequented since the end of the dot-com boom-reliance on venture capital and private equity backing. For the remaining private companies still in need of financing yet determined to go it alone, bankers said many have been tapping financial sponsors for additional rounds of funding or selling pre-IPO stock to institutional investors with the expectation that the company will be able to go public sometime within the next year. Wireless technology is also currently in favor, and companies specializing in wifi (wireless Internet connectivity) and businesses such as government payment processing and outsourcing services are expected to be among the first that will be able to tap the issue market.
ACCESSION #
10170966

 

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