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Stock Watch: Kana Communications IPO Looks Hot

By Andy Wang
Sep 22, 1999 12:00 AM PT

The initial public offering of Kana Communications, which develops customer service software for e-commerce business, should have a strong showing when it opens for trading today. Pre-IPO demand was high with the offering being priced at $15, the top end of its revised range, after an original range of $11 to $13.

Stock Watch: Kana Communications IPO Looks Hot

The relatively thin float of 3.3 million shares being offered, and a strong underwriting team of Goldman Sachs, Hambrecht & Quist and Wit Capital, should help shares of Kana open at a healthy premium. The company's impressive customer base will only help it with investors. Kana's customers include e-commerce heavyweights such as eBay, Priceline.com, CDNow and Priceline.com. Other customers include portal sites such as Excite and GoTo.com, as well as big content sites such as TheStreet.com and iVillage.

In a month of big IPOs, Kana's looks like it could be one of the biggest.

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