The day after Morgan Stanley Dean Witter started the roadshow for Healtheon – its fifth internet initial public offering of the year – the leading global investment bank in technology investment banking suddenly pulled the plug. Although the firm says it had commitments from enough institutional investors to go forward, the markets suddenly nose-dived on the news that Long-Term Capital Management was sinking. Internet IPOs are blatantly speculative, and Healtheon’s aftermarket performance in early October was difficult to predict.
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