The IPO market right now is very weak. However, when you have a deal this size and this level of recognition, a blue chip company, generally, companies like this can supersede market conditions. |
The news flow (from companies) is still quite negative. |
This is more of a seasonal-type occurrence, and right now, we can look at the pipeline, which is relatively full, and have an idea that there will be a fair amount of deals coming to the market especially early in February. |
Three years ago, nobody took the Internet seriously. We're in it for the long term. |
Unfortunately, we still have Iraq dominating the news and any changes in the situation there will have a big affect -- although I think we are in a period now that's seasonally strong for the market, especially in technology. So, I think everyone's going to be very focused on how companies are doing in this fourth quarter and then, obviously, the holiday season. |
Valuations in general for e-commerce companies have been historically higher than we've been comfortable with and they have low operating margins. So it's an area we've shied away from. |
We're focusing on companies that will be long-term players on the Internet. |
Well, eBay is growing at a phenomenal rate right now. This is a company, even though they are considered one of the bellwethers now because of their size, the revenue base is still relatively small, and they have a lot of momentum in their traffic and transactions. |
When companies first come public, there's a lot of hype, anticipation. The company is out hyping the IPO on a road show and investors get very excited and they might pay a bit higher than they may in normal situations. |