The first-day gains weren’t exactly stellar for the two Internet consulting companies that went public on Tuesday. However, in this market, you pretty much take what you can get.
Braun Consulting (Nasdaq: BRNC), which offers e-commerce services to businesses, priced its IPO at just $7 after an original range of $10 to $12. The stock closed up 1/16 to 7-1/16. Meanwhile, fellow Internet consulting company U.S. Interactive (Nasdaq: USIT) priced its IPO at $10, the low end of its range, and lowered the offering size from 5.2 million shares to 4.615 million. Shares of U.S. Interactive closed up 5/8 to 10-5/8.
The executives at Braun Consulting and U.S. Interactive are probably a bit disappointed, but they’re also probably a bit relieved. This is no longer about getting out in the market while the getting’s still good. It’s about getting out while it’s still possible.