| Headline: New equity issues - T-Online weathers the storm Source: Euromoney Date: May 2000 Author: Christina White The initial public offering of T-Online, a German company owned primarily by Deutsche Telekom, provided some respite for a turbulent technology market when its shares climbed 39% on their first day of trading. In the world's largest internet IPO, T-Online, Europe's largest internet service provider, launched its e2.9 billion offering on the Neuer Markt in the wake of some of Nasdaq's sharpest drops. With lead managers Dresdner Kleinwort Benson and Goldman Sachs wary of the volatility of the markets, the deal turned out to be a rare success. Keeping in mind recent IPOs such as Lycos, World Online, and lastminute.com - deals one banker described as "disastrous" - the lead managers approached T-Online with extra caution. The deal was an important one for many reasons including the size of the offering and the brand name of the issuer. T-Online is part of the T brand that includes Deutsche Telekom and T-Mobil and is "one of the best known marketing brands in Germany," according to Paul van Issum, head of equity syndicate at Dresdner Kleinwort Benson in London. |