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Net issue not welcome at home

Author: John Norton

Issuer: Jazztel

Amount: e105 million

Type of issue: Initial public offering

Launched: December 9 1999

Bookrunners: Goldman Sachs and Merrill Lynch

Spain wants a hi-tech stock market. But it doesn't like the idea of hi-tech stocks. That's what emerges from the sorry saga of Jazztel's efforts to float in Madrid.

Madrid's loss was Easdaq's gain. The telecom and internet company's stock was listed jointly on Nasdaq and Easdaq on December 9. The IPO, led by Goldman Sachs and Merrill Lynch, rode the wave of hi-tech euphoria that swept Europe in the last days of 1999. The offering was 50 times oversubscribed. The stock was priced at e17 or $17.4 for the American depositary receipt and immediately traded up to $52 on Nasdaq, closing at $58 on the first day, before settling back to around $46 or e44 after the first week. The offering - around 19% of the company's equity - raised just under e200 million including the greenshoe. "Even by the standards of recent tech IPOs, this was a home run," says David Jennison of Merrill's equity capital markets division.

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