hadl - WilmerHale

1

1998

hadl

The New England IPO Report

1

1998 The New England IPO Report

3

Introduction and Market Overview ............................................................ 5

1997 National Market Overview .................................................................... 6

1998 National Market Overview .................................................................... 7

The New England IPO Market, 1994-98 .................................................... 8

New England IPOs by State, 1994-98 ......................................................... 8

Industry Breakdown, 1994-98 ......................................................................... 9

Recent Hale and Dorr IPOs .................................................................... 10-11

Ranking by Underwriter .................................................................................. 12

Ranking by Law Firm ......................................................................................... 13

Ranking by Issuer’s Counsel ........................................................................... 14

Ranking by Underwriter’s Counsel ............................................................. 15

Index of New England IPOs, 1994-98 ............................................... 16-19

Table of Contents

7

Hale and Dorr LLP is pleased to present its sixth annual New EnglandIPO Report. The 1998 New England IPO market experienced its slowestyear since 1990 with only 22 initial public offerings, which produced grossproceeds of approximately $873 million, a decrease of approximately 35%in deal volume and 66% in gross proceeds from the 34 New England IPOscompleted in 1997.

The national IPO market was strong through the summer, butexperienced its most severe drought in more than a decade with only4 new domestic issues in September and 2 in October. In total, 1998US issuers raised $32.1 billion from 310 IPOs, compared to $30.8billion from 522 deals in 1997.

Dollar volume was boosted by three of the four largest US deals in history.Conoco, which was spun off from chemical giant DuPont in October, isnow the largest domestic IPO ever at just over $4.4 billion, ahead ofLucent Technologies. Radio broadcaster Infinity Broadcasting and FoxEntertainment Group rank as the third and fourth largest domestic IPOswith gross proceeds of $2.87 and $2.81 billion, respectively. These largeIPOs had a significant impact on average national deal size, contributingto the 76% increase from $58.9 million in 1997 to $103.6 million in 1998.

New England’s share of the national IPO market increased slightly from6.3% in 1997 to 7.1% in 1998. Average deal size in New England ($39.7million) was, however, significantly lower than the national figure in1998 and 48% lower than the New England figure for 1997. This decreaseis due in part to the absence of any large deals similar to those in 1997.

Fourteen Massachusetts based companies went public in 1998accounting for 64% of the New England total. This led Massachusettsto regain its fifth place in the IPOs by state ranking achieved in 1996,following a slip to ninth in the 1997 ranking. Supported by a significantnumber of Internet deals in 1998, California remained the leader in thenew issues by state ranking with 66 IPOs. Texas maintained its secondplace ranking with 34 new issues, followed by Florida with 25 dealsand New York with 24 deals. Florida’s total was boosted by the numberof banks that went public in 1998.

The 1998 New England IPO market was again led by software andcomputer related companies which accounted for about a third ofall deals–a similar proportion to 1997. Business and professionalservices companies also had a strong showing with 20% of theNew England market.

As predicted in the introduction to last year’s Report, the 1998New England IPO market did not experience the activity and volumereminiscent of the frothy market conditions of the mid-1990s. Wedo not expect these conditions to return in 1999, however, given theconsistent number of attractive start-ups and emerging companiesin the region, we believe the New England IPO market will remaina dynamic and integral part of the national market.

Introduction and Market Overview

Paul P. BrountasSenior Partner

Hale and Dorr LLP

For over 35 years,

Mr. Brountas has

provided legal counsel

to high technology

firms throughout

New England.

6 1997 National Market Overview

AK 1 25.0AL 1 41.9AR 1 21.3AZ 5 254.8CA 106 4,510.1CO 13 1,135.9CT 13 1,447.6DC 4 581.6DE 0 0.0FL 42 1,722.9GA 19 630.2HI 1 8.0IA 2 116.9ID 1 37.5IL 14 1,377.6IN 6 254.2KS 2 36.9

NY 47 3,448.9OH 12 895.6OK 5 729.1OR 2 174.6PA 14 588.5RI 0 0.0SC 2 87.5SD 0 0.0TN 5 100.3TX 53 3,242.6UT 4 154.4VA 22 1,909.4VT 2 131.7WA 16 805.3WI 3 250.6WV 1 16.0WY 1 8.4

KY 3 612.1LA 4 203.7MA 16 687.5MD 11 529.2ME 2 289.3MI 8 208.8MN 11 327.4MO 4 208.8MS 1 79.3MT 0 0.0NC 9 342.0ND 2 113.1NE 3 90.0NH 1 36.0NJ 23 1,697.5NM 1 632.0NV 3 35.3

National IPO Concentrations

State IPO Totals $ millions

1994 1995 1996 1997 1998

#

510 512

768

522

deals

310

40+

20-39

10-19

3-9

1-2

0

71998 National Market Overview

AK 0 0.0AL 1 11.0AR 0 0.0AZ 4 331.2CA 66 3,418.1CO 11 387.3CT 6 195.1DC 2 65.4DE 1 96.0FL 25 2,599.5GA 9 288.1HI 0 0.0IA 2 174.4ID 0 0.0IL 9 1,540.2IN 1 18.0KS 1 499.1

NY 24 7,742.3OH 6 541.2OK 1 28.6OR 2 108.5PA 9 1,174.8RI 0 0.0SC 3 162.8SD 0 0.0TN 7 362.7TX 34 7,271.9UT 3 98.6VA 7 463.1VT 0 0.0WA 9 304.4WI 6 262.6WV 0 0.0WY 0 0.0

KY 1 27.8LA 1 24.0MA 14 615.8MD 7 1,627.1ME 1 7.7MI 9 552.2MN 5 125.1MO 2 93.0MS 1 13.6MT 0 0.0NC 5 153.1ND 0 0.0NE 0 0.0NH 1 54.7NJ 12 616.3NM 1 9.6NV 1 59.5

National IPO Concentrations

State IPO Totals$ millions

1994 1995 1996 1997 1998

$

18.0

26.6

38.8

30.8

billions

32.1

40+

20-39

10-19

3-9

1-2

0

8 New England Market Overview

MA

CT

NH

RI

ME

VT

New England IPOs by State1994 1995 1996 1997 1998 Total

28 32 52 16 14 142590.7 1,368.2 1,828.1 687.5 615.8 5,090.3

# of deals$ volume in millions

1994 1995 1996 1997 1998 1994 1995 1996 1997 1998

# $billionsdeals

4148

79

341.39

3.03

3.63

2.59

220.87

0 1 0 2 0 30.0 72.5 0.0 131.7 0 204.2

0 0 1 2 1 40.0 0.0 18.0 289.3 7.7 315.0

1 0 5 0 0 618.0 0.0 179.0 0.0 0.0 197.0

1 1 4 1 1 823.0 7.7 198.9 36.0 54.7 320.3

11 14 17 13 6 61762.4 1,579.4 1,407.0 1,447.6 195.1 5,391.5

9Industry Breakdown

1994

1995

1996

1997

1998

# of deals $ volume in millions

9

9

44

4

3

3

5

221.7113.877.0

67.1

238.0

185.546.9

444.1

13

106

5

4

3

7 431.5

944.7

476.2

415.1

434.0

134.2

192.1

22

14

11

7

7

6

33 3 3

789.1

420.3

384.4

388.2210.1

257.0

901.4

68.0112.3

100.2

7

5

54

3

3

21

4 259.3

637.6

381.8

64.1

839.6

51.032.494.5

231.8

Banking, Finance & Insurance

Biotechnology & Pharmaceuticals

Business & Professional Services

Communications

Computer Hardware & Peripherals

Consumer Products & Services

Electronic & Industrial Products

Healthcare & Medical Services

Medical Instruments & Devices

Software & Information

<3 (Unless otherwise specified)

34.533.8

36.8

151.7

173.0

162.8

155.7

54.0

71.0

6

44

2

11

11

2

Visual Network, Inc.2.6.98$43.8 millionUnderwriter’s Counsel

DoubleClick, Inc.2.20.98$59.5 millionUnderwriter’s Counsel

PC Connection, Inc.3.3.98$54.7 millionIssuer’s Counsel

Charles River Associates, Inc.4.24.98$40.5 millionUnderwriter’s Counsel

Atlantic Data Services, Inc.5.22.98$32.5 millionUnderwriter’s Counsel

Natrol, Inc.7.22.98$59.1 millionUnderwriter’s Counsel

Mobius ManagementSystems, Inc.4.24.98$47.9 millionUnderwriter’s Counsel

Cognizant TechnologySolutions Corporation6.19.98$29.2 millionUnderwriter’s Counsel

International Integration Inc.6.23.98$30.0 millionIssuer’s Counsel

Northeast Optic Network, Inc.7.30.98$58.5 millionIssuer’s Counsel

Global Vacation Group, Inc.7.31.98$42.0 millionUnderwriter’s Counsel

Entrust Technologies, Inc.8.17.98$116.5 millionIssuer’s Counsel

Eclypsis Corporation8.06.98$63.0 millionIssuer’s Counsel

c o n s t a n tLong Tradition of Excellence…

hadl

12 Ranking by Underwriters

BT Alex Brown

Donaldson, Lufkin & Jenrette Securities Corp.

Morgan Stanley Dean Witter

Nationsbanc Montgomery Securities LLC

Advest, Inc.

BancBoston Robertson Stephens

Credit Suisse First Boston

Merrill Lynch & Co.

Prudential Securities Incorporated

SG Cowen

Rank by # of deals, 1998


BT Alex Brown


Wheat First Union



Merrill Lynch & Co.

Friedman, Billings, Ramsey & Co., Inc.

Prudential Securities Incorporated


Rank by $ volume, 1998

BT Alex Brown

Goldman, Sachs & Co.


Hambrecht & Quist Incorporated



SG Cowen


Lehman Brothers Incorporated

Merrill Lynch & Co.

Rank by # of deals, 1994-98

Rank by $ volume, 1994-98

1998 1994-97 $ volume in millions

1

1

1

1

1

1

2

2

2

4

32.5

36.8

37.5

51.0

54.0

64.5

66.0

74.3

168.9

202.7

23

6

7

9

10

10

11

13

15

18

327.2

488.1

553.5

676.8

706.3

867.9

907.5

1,008.4

1,294.3

2,289.4Goldman, Sachs & Co.

Salomon Smith Barney

BT Alex Brown

Merrill Lynch & Co.






Hambrecht & Quist Incorporated

13Ranking by Law Firms





Hale and Dorr LLP

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo

Ropes & Gray

Testa, Hurwitz & Thibeault, LLP

Hutchins, Wheeler & Dittmar

Greenberg Traurig

Bingham Dana LLP

Cravath, Swaine & Moore

Foley, Hoag & Eliot LLP

Goodwin, Procter & Hoar LLP

Hale and Dorr LLP


Ropes & Gray



Bingham Dana LLP


Skadden, Arps, Slate, Meagher & Flom LLP


Choate, Hall & Stewart

Hale and Dorr LLP


Davis Polk & Wardwell



Ropes & Gray


Shearman & Sterling

Reboul, MacMurray, Hewitt, Maynard & Kristol

Latham & Watkins

Hale and Dorr LLP


Shearman & Sterling



Sullivan & Cromwell

Ropes & Gray


Latham & Watkins

Fried, Frank, Harris, Shriver & Jacobson

1998 1994-97$ volume in millions

5

1

1

1

1

2

3

4

4

4

54.7

56.0

66.0

66.0

135.1

136.5

145.4

148.0

192.5

211.7

70

59

20

17

13

13

11

9

9

10

2,566.1

1,927.1

1,539.9

1,445.4

1,384.4

1,275.0

1,206.0

838.6

758.3

745.7

14 Ranking by Issuer’s Counsel


Hale and Dorr LLP


Bingham Dana LLP



Goulston & Storrs P.C.


Weil Gotshal & Manges LLP

Willkie Farr & Gallagher

Hale and Dorr LLP



Bingham Dana LLP




Choate, Hall & Stewart

Palmer & Dodge LLP

Ropes & Gray

Hale and Dorr LLP






Kelley Drye & Warren LLP

Ropes & Gray

Debevoise & Plimpton



Hale and Dorr LLP



Willkie Farr & Gallagher

Goulston & Storrs P.C.


Weil Gotshal & Manges LLP

Baker & Hostetler LLP

Nutter, McClennen & Fish, LLP





1998 1994-97 $ volume in millions

1

1

1

1

1

1

1

3

3

4

33.8

33.8

37.5

40.5

46.1

51.0

66.0

136.5

138.7

192.5

35

20

11

10

9

8

7

7

6

6

1,341.0

1,115.6

728.4

702.9

654.9

408.6

408.5

397.6

342.5

331.2

15Ranking by Underwriter’s Counsel

Ropes & Gray


Hale and Dorr LLP

Greenberg Traurig

Brobeck, Phleger & Harrison LLP



Latham & Watkins

Shearman & Sterling

Tenzer Greenblatt LLP


Hale and Dorr LLP

Ropes & Gray


Shearman & Sterling




Sullivan & Cromwell



Ropes & Gray


Hale and Dorr LLP

Shearman & Sterling

Reboul, MacMurray, Hewitt, Maynard & Kristol

Latham & Watkins


Cahill Gordon & Reindel

Brobeck, Phleger & Harrison LLP

Shearman & Sterling

Sullivan & Cromwell

Hale and Dorr LLP


Ropes & Gray



Latham & Watkins

Fried, Frank, Harris, Shriver & Jacobson

Brown & Wood LLP





1998 1994-97$ volume in millions

1

1

1

1

1

1

2

2

3

4

37.5

51.0

54.0

54.7

56.0

66.0

73.0

112.9

135.1

148.0

5

6

6

6

6

7

7

14

35

39

364.9

424.1

498.3

666.7

742.5

808.4

1,198.7

1,225.1

1,275.0

1,539.9

IssuerIssueDate State

Total $millions

OfferPrice $ Lead Underwriter Issuer’s Counsel

Underwriter’sCounsel

Index16

1994Applix, Inc. 12/8/94 MA 18.5 10.00 Cowen & Company Hale-Dorr Willkie-FarrARIAD Pharmaceuticals, Inc. 5/20/94 MA 13.0 8.00 D. Blech & Co., Inc. Paul-Weiss Skadden-ArpsAspen Technology, Inc. 10/25/94 MA 33.8 13.00 Montgomery Securities Bingham-Dana Foley-HoagAtria Software, Inc. 5/13/94 MA 21.6 12.00 Alex. Brown & Sons Inc. Testa-Hurwitz Hutchins-WheelerBio-Plexus, Inc. 6/21/94 CT 14.3 10.00 Advest, Inc. Pepe-Hazard Robinson-ColeBioSepra Inc. 3/25/94 MA 21.0 7.00 D. Blech & Co., Inc. Hale-Dorr Baer-MarksBlyth Industries, Inc. 5/18/94 CT 53.5 16.50 Donaldson, Lufkin & Jenrette O’Sullivan Davis-PolkBridgeport Machines, Inc. 11/29/94 CT 25.0 10.00 Oppenheimer & Company Willkie-Farr Morgan-LewisBugaboo Creek Steak House, Inc. 4/6/94 RI 18.0 12.00 Tucker Anthony Inc. Hinckley-Allen Ropes-GrayCambridge SoundWorks, Inc. 4/14/94 MA 11.2 8.00 Hambrecht & Quist Inc. Peabody-Arnold Hale-DorrCannondale Corporation 11/15/94 CT 35.1 13.00 Hambrecht & Quist Inc. Levett-Rockwood Hale-DorrCascade Communications Corp. 7/28/94 MA 30.0 15.00 Morgan Stanley & Co. Inc. Testa-Hurwitz Davis-PolkCentennial Technologies, Inc. 4/12/94 MA 6.2 6.20 Schneider Securities, Inc. O’Conner-Broude General CounselCMG Information Services, Inc. 1/25/94 MA 9.9 8.00 Piper Jaffray Incorporated Powers-Hall Testa-HurwitzExecutive Risk Inc. 3/15/94 CT 36.0 12.00 Donaldson, Lufkin & Jenrette Dewey-Ballantine Leboeuf-LambFinancing for Science International, Inc. 5/20/94 CT 16.3 6.50 Sands Brothers & Co., Ltd. Hale-Dorr Kelley-DryeFood Trends Acquisition Corporation 11/3/94 MA 15.0 6.00 GKN Securities Corp Stroock-Stroock Graubard-MollenGeerlings & Wade, Inc. 6/17/94 MA 11.2 8.00 Needham & Company Ropes-Gray Hale-DorrHemaSure Inc. 4/7/94 MA 15.2 7.00 D. Blech & Co., Inc. Hale-Dorr Baer-MarksIbis Technology Corporation 5/20/94 MA 8.4 7.00 Josephthal Lyon & Ross, Inc. Mintz-Levin Bingham-DanaInfoSoft International, Inc. 3/1/94 MA 45.0 15.00 CS First Boston Goodwin-Procter Skadden-ArpsLincoln Snacks Company 1/14/94 CT 9.7 4.50 Allen & Company Inc. Zimet-Haines Werbel-CarneluttiMaxwell Shoe Company Inc. 5/11/94 MA 28.5 12.00 Bear, Stearns & Co. Inc. Gibson-Dunn Shereff-FriedmanMecklermedia Corporation 2/11/94 CT 6.0 6.00 Cohig & Associates Inc. Weil-Gotshal Jones-KellerMediSense, Inc. 6/30/94 MA 54.0 12.00 Alex. Brown & Sons Inc. Ropes-Gray Testa-HurwitzMicrion Corporation 5/11/94 MA 5.5 5.50 RvR Securities Corp. Choate-Hall PillsburyNatural MicroSystems Corporation 2/17/94 MA 14.0 10.00 First Albany Corporation Choate-Hall Hale-DorrPHC, Inc. 3/3/94 MA 6.3 5.00 AmeriCorp Securities Inc. Choate-Hall Bachner-TallyPlaytex Products, Inc. 1/26/94 CT 260.0 13.00 Merrill Lynch & Co. Latham-Watkins Fried-FrankPRI Automation, Inc. 10/13/94 MA 32.4 13.50 Robertson, Stephens & Co. Foley-Hoag Hale-DorrProcept, Inc. 2/10/94 MA 17.9 8.50 D. Blech & Co., Inc. Palmer-Dodge Bingham-DanaProject Software & Development Inc. 4/21/94 MA 16.6 8.50 Piper Jaffray Incorporated Foley-Hoag Goodwin-ProcterRenaissance Communications Corp. 2/3/94 CT 119.5 19.00 Goldman, Sachs & Co. Stroock-Stroock Sullivan-CromwellSecurity Dynamics Technologies, Inc. 12/14/94 MA 35.2 16.00 Alex. Brown & Sons Inc. Hale-Dorr Ropes-GraySecurity-Connecticut Corporation 1/26/94 CT 187.0 22.00 Goldman, Sachs & Co. Gardner-Carton Sullivan-CromwellSenior Tour Players Development, Inc. 11/16/94 MA 8.2 5.10 Dickinson & Co. Finnegan-Stanz Tiffany-HoffmannShiva Corporation 11/17/94 MA 36.0 15.00 Goldman, Sachs & Co. Testa-Hurwitz Hale-DorrSoftdesk, Inc. 2/10/94 NH 23.0 11.50 Hambrecht & Quist Inc. Hale-Dorr Testa-HurwitzSystemSoft Corporation 8/4/94 MA 14.0 5.50 Hambrecht & Quist Inc. Choate-Hall Testa-HurwitzTrend-Lines, Inc. 6/23/94 MA 22.1 13.00 Prudential Securities Inc. Brown-Rudnick Fulbright-JaworskiUroMed 3/9/94 MA 40.0 8.00 PaineWebber Incorporated Bingham-Dana Goodwin-Procter

1995Across Data Systems, Inc. 7/27/95 NH 7.7 5.50 Hampshire Securities Corp. Proskauer-Rose Brock-PartnersACT Manufacturing, Inc. 3/29/95 MA 31.2 12.00 Alex. Brown & Sons Inc. Testa-Hurwitz Piper-MarburyADE Corporation 10/17/95 MA 30.8 14.00 Alex. Brown & Sons Inc. Ropes-Gray Warner-StackpoleAllmerica Financial Corp. 10/10/95 MA 231.0 21.00 Merrill Lynch & Co. Ropes-Gray Shearman-SterlingAmerican Radio Systems Corporation 6/8/95 MA 82.5 16.50 CS First Boston Sullivan-Worcester Sullivan-CromwellBoston Beer Company, Inc., The 11/20/95 MA 59.9 20.00 Goldman, Sachs & Co. Hutchins-Wheeler Sullivan-CromwellBrooks Automation, Inc. 2/1/95 MA 16.0 8.00 Cowen & Company Brown-Rudnick Testa-HurwitzC.P. Clare Corporation 6/20/95 MA 50.6 16.00 Montgomery Securities Goodwin-Procter Hale-DorrChicago Miniature Lamp, Inc. 6/16/95 MA 27.5 12.50 Raymond James & Associates Schifino-Fleisch Foley-LardnerConcentra Corporation 2/6/95 MA 31.2 12.00 Donaldson, Lufkin & Jenrette Peabody-Arnold Testa-HurwitzCRA Managed Care, Inc. 5/3/95 MA 35.0 16.00 Alex. Brown & Sons Inc. Hutchins-Wheeler Testa-HurwitzDesktop Data, Inc. 8/11/95 MA 30.0 15.00 Alex. Brown & Sons Inc. Testa-Hurwitz Hale-DorrDiaSys Corporation 1/10/95 CT 5.0 5.00 Tasin & Company General Counsel Lester-MorseElcom International, Inc. 12/19/95 MA 60.5 11.00 Robertson, Stephens & Co. Calfee-Halter Hale-Dorr

Index 17


Total $millions



Ergo Science Corporation 12/14/95 MA 22.5 9.00 Cowen & Company Vinson-Elkins Mintz-LevinGelTex Pharmaceuticals, Inc. 11/8/95 MA 25.0 10.00 Cowen & Company Palmer-Dodge Hale-DorrGeneral Scanning, Inc. 9/21/95 MA 34.8 12.00 Hambrecht & Quist Inc. Bingham-Dana Testa-HurwitzHealth Payment Review, Inc. 8/10/95 MA 31.4 16.00 Hambrecht & Quist Inc. Hill-Barlow Hale-DorrIDX Systems Corporation 11/16/95 VT 72.5 18.00 Alex. Brown & Sons Inc. Hale-Dorr Testa-HurwitzInvestors Financial Services Corp. 11/9/95 MA 33.0 16.50 Keefe, Bruyette & Woods, Inc. Testa-Hurwitz Brown-WoodKushi Macrobiotics Corp. 8/11/95 CT 5.5 5.00 Comprehensive Capital Corp. Heller-Horowitz Lester-MorseLexmark International Group, Inc. 11/14/95 CT 342.5 20.00 Goldman, Sachs & Co. Debevoise-Plimpton Ropes-GrayMETA Group, Inc. 12/1/95 CT 43.2 18.00 Robertson, Stephens & Co. Testa-Hurwitz Cooley-GodwardNumber Nine Visual Technology Corp. 5/25/95 MA 39.8 15.00 Robertson, Stephens & Co. Mintz-Levin Testa-HurwitzOMNI MultiMedia Group, Inc. 4/20/95 MA 4.6 5.10 Schneider Securities, Inc. O’Conner-Broude William-PriftiOn Technology Corp. 8/1/95 MA 42.0 15.00 Robertson, Stephens & Co. Epstein-Becker Hale-DorrOncorx, Inc. 8/14/95 CT 10.0 4.00 D.H. Blair & Co., Inc. Bachner-Tally Fishbein-BadilloOpen Environment Corporation 4/13/95 MA 41.3 15.00 Donaldson, Lufkin & Jenrette Hale-Dorr Winthrop-StimsonOraVax, Inc. 6/8/95 MA 23.0 10.00 Donaldson, Lufkin & Jenrette Hale-Dorr Davis-PolkOstech, Inc. 8/2/95 CT 21.0 10.50 Pacific Growth Equities Morgan-Lewis Howard-RicePanAmSat Corp. 9/21/95 CT 321.6 17.00 Morgan Stanley & Co. Inc. Fried-Frank Davis-PolkParexel International Corporation 11/22/95 MA 32.7 15.00 William Blair & Company Testa-Hurwitz Ropes-GrayRattlesnake Holding Co., Inc., The 6/29/95 CT 7.2 5.50 Auerbach, Pollak & Richardson Goldstein Lester-MorseRenaissance Solutions, Inc. 4/3/95 MA 29.7 13.00 Hambrecht & Quist Inc. Hale-Dorr Foley-HoagRisk Capital Holdings Inc. 9/13/95 CT 170.0 20.00 Smith Barney Inc. Cahill-Gordon Willkie-FarrScanVec Company (1990) Ltd. 10/18/95 MA 9.8 7.00 Unterberg Harris Skadden-Arps Kaye-ScholerShared Technologies Cellular, Inc. 4/21/95 CT 5.0 5.25 H.J. Meyers & Company, Inc. Baer-Marks Gersten-SavageSoftware 2000, Inc. 11/17/95 MA 25.3 11.00 Needham & Company Testa-Hurwitz Choate-HallSpacetec IMC Corporation 12/6/95 MA 22.5 10.00 Advest, Inc. Palmer-Dodge Testa-HurwitzSQA, Inc. 12/13/95 MA 32.0 16.00 Robertson, Stephens & Co. Testa-Hurwitz Hale-DorrStar Gas Partners L.P. 12/14/95 CT 57.2 22.00 Lehman Brothers Inc. Andrews-Kurth Baker-BottsThermo Ecotek Corp 1/23/95 MA 2.9 12.75 NatWest Securities Ltd. General Counsel Testa-HurwitzThermoSpectra Corporation 8/3/95 MA 21.0 14.00 NatWest Securities Ltd. General Counsel Testa-HurwitzTranSwitch Corporation 6/13/95 CT 22.5 9.00 Robertson, Stephens & Co. Testa-Hurwitz Hale-DorrUCAR International, Inc. 8/9/95 CT 408.5 23.75 CS First Boston Kelley-Drye Cravath-SwaineUniroyal Chemical Corporation 3/17/95 CT 160.2 12.00 Smith Barney Inc. Skadden-Arps Cravath-SwaineVideoServer, Inc. 5/24/95 MA 44.6 17.00 Goldman, Sachs & Co. Bingham-Dana Hale-DorrWaters Corporation 11/16/95 MA 164.1 15.00 Merrill Lynch & Co. Kirkland-Ellis Fried-Frank

1996Aavid Thermal Technologies, Inc. 1/29/96 NH 21.9 9.50 Montgomery Securities Fulbright-Jaworski Hale-DorrAccent Color Sciences, Inc. 12/18/96 CT 24.0 8.00 Cowen & Company Murtha-Cullina Testa-HurwitzAccess Solutions International, Inc. 10/16/96 RI 8.0 3.75 Joseph Stevens & Company Edwards-Angell Orrick-HerringtonAlexion Pharmaceuticals, Inc. 2/28/96 CT 18.2 8.25 Josephthal Lyon & Ross, Inc. Fulbright-Jaworski Orrick-HerringtonArQule, Inc. 10/16/96 MA 30.0 12.00 Hambrecht & Quist Inc. Palmer-Dodge Testa-HurwitzAsahi/America, Inc. 5/15/96 MA 8.7 7.50 Daiwa Securities America Inc. Gadsby-Hannah Choate-HallAtlantic Bank & Trust Company 4/15/96 MA 10.1 6.75 Friedman Billings Ramsey & Co. Goodwin-Procter McDermott-WillAware, Inc. 8/9/96 MA 34.0 10.00 Robertson, Stephens & Co. Foley-Hoag Testa-HurwitzBacou USA, Inc. 3/27/96 RI 45.0 15.00 Lehman Brothers Inc. Willkie-Farr Edwards-AngellBiotransplant, Incorporated 5/8/96 MA 26.6 9.50 UBS Securities Inc. Hale-Dorr Testa-HurwitzBitstream, Inc. 10/30/96 MA 12.6 6.00 Volpe, Welty & Company Rubin-Baum Testa-HurwitzBoston Biomedica, Inc. 10/31/96 MA 13.6 8.50 Oscar Gruss & Company Brown-Rudnick Fulbright-JaworskiBoston Communications Group, Inc. 6/18/96 MA 53.6 14.00 Alex. Brown & Sons Inc. Hale-Dorr Piper-MarburyCambridge Heart, Inc. 8/2/96 MA 22.5 9.00 Goldman, Sachs & Co. Hale-Dorr Shearman-SterlingChiRex Inc. 3/5/96 MA 86.8 13.00 CS First Boston Hale-Dorr Cravath-SwaineControl Devices, Inc. 10/2/96 ME 18.0 9.00 Dean Witter Reynolds Sommer-Barnard Testa-HurwitzCubist Pharmaceuticals, Inc. 10/25/96 MA 15.0 6.00 UBS Securities Inc. Bingham-Dana Hale-DorrCytyc Corp. 3/8/96 MA 48.0 16.00 Robertson, Stephens & Co. Testa-Hurwitz Brobeck-PhlegerDiacrin, Inc. 2/12/96 MA 20.0 8.00 PaineWebber Incorporated Hale-Dorr Paul-WeissDiatide, Inc. 6/13/96 NH 18.7 8.50 Dillon, Read & Co. Inc. Hale-Dorr Brobeck-PhlegerFactSet Research Systems Inc. 6/28/96 CT 53.1 17.00 Donaldson, Lufkin & Jenrette Cravath-Swaine Davis-PolkFine Host Corporation 6/19/96 CT 48.4 12.00 Montgomery Securities Willkie-Farr Hale-Dorr


Total $millions



Index18

First Financial Corp. 5/13/96 RI 5.4 9.75 Sandler O’Neill & Partners Bingham-Dana Goodwin-ProcterForrester Research, Inc. 11/26/96 MA 32.0 16.00 Goldman, Sachs & Co. Ropes-Gray Hale-DorrGeneral Chemical Group, Inc., The 5/15/96 NH 131.3 17.50 Salomon Brothers Inc. Goodwin-Procter Latham-WatkinsGenesee & Wyoming Inc. 6/25/96 CT 45.0 17.00 Schroder Wertheim & Co. Harter-Secrest Shearman-SterlingGensym Corporation 2/16/96 MA 20.0 10.00 Hambrecht & Quist Inc. Hale-Dorr Testa-HurwitzGeoTel Communications Corporation 11/20/96 MA 26.4 12.00 Alex. Brown & Sons Inc. Hutchins-Wheeler Hale-DorrHarborside Healthcare Corporation 6/11/96 MA 42.3 11.75 NatWest Securities Ltd. Paul-Weiss Stroock-StroockHelpmate Robotics Inc. 1/31/96 CT 8.1 3.13 M.H. Meyerson & Co. Reid-Riege StoppelmanHybridon Inc. 1/24/96 MA 50.0 10.00 Lehman Brothers Inc. Hale-Dorr Mintz-LevinIndividual, Inc. 3/15/96 MA 35.0 14.00 Robertson, Stephens & Co. Testa-Hurwitz Hale-DorrInnovasive Devices, Inc. 6/6/96 MA 23.8 12.50 Alex. Brown & Sons Inc. Choate-Hall Testa-HurwitzITDS, Inc. 10/24/96 CT 42.7 16.00 Lehman Brothers Inc. Hale-Dorr Chadbourne-ParkeIron Mountain Incorporated 1/31/96 MA 76.8 16.00 Prudential Securities Inc. Sullivan-Worcester Jones-DayKVH Industries, Inc. 4/2/96 RI 13.7 6.50 Robertson, Stephens & Co. Foley-Hoag Brobeck-PhlegerLightbridge, Inc. 9/27/96 MA 38.0 10.00 Cowen & Company Foley-Hoag Testa-HurwitzLycos, Inc. 4/1/96 MA 48.0 16.00 Hambrecht & Quist Inc. Hutchins-Wheeler Hale-DorrMemberWorks Incorporated 10/18/96 CT 45.9 17.00 Robertson, Stephens & Co. Hale-Dorr Wilson-SonsiniMillbrook Press, Inc., The 12/18/96 CT 7.7 4.50 GKN Securities Corp Olshan-Grundman Graubard-MollenMillennium Pharmaceuticals, Inc. 5/6/96 MA 54.0 12.00 Goldman, Sachs & Co. Hale-Dorr Sullivan-WorcesterNitinol Medical Technologies, Inc. 9/27/96 MA 33.0 11.00 J.P. Morgan Securities Inc. Squadron-Ellenoff Cravath-SwaineObject Design, Inc. 7/23/96 MA 21.0 7.00 Hambrecht & Quist Inc. Foley-Hoag Testa-HurwitzOneWave, Inc. 7/2/96 MA 60.0 16.00 Goldman, Sachs & Co. Peabody-Arnold Hale-DorrOpen Market, Inc. 5/22/96 MA 72.0 18.00 Goldman, Sachs & Co. Hale-Dorr Ropes-GrayPCD Inc. 3/27/96 MA 23.2 11.00 Adams, Harkness & Hill Hill-Barlow Testa-HurwitzPegasystems Inc. 7/18/96 MA 40.8 12.00 Goldman, Sachs & Co. Choate-Hall Hale-DorrPhysiometrix, Inc. 4/30/96 MA 22.0 11.00 Wheat First Butcher & Singer Wilson-Sonsini Freshman-MarantzProvidence Journal Company, Inc. 6/25/96 RI 106.9 15.00 Merrill Lynch & Co. Edwards-Angell Brown-WoodQC Optics, Inc. 10/24/96 MA 5.7 6.00 Schneider Securities, Inc. O’Conner-Broude William-PriftiRaptor Systems, Inc. 2/6/96 MA 45.0 15.00 Montgomery Securities Goodwin-Procter Hale-DorrRegistry, Inc., The 6/5/96 MA 37.4 17.00 Adams, Harkness & Hill Hill-Barlow Ropes-GrayRestrac, Inc. 7/22/96 MA 27.5 11.00 Montgomery Securities Goodwin-Procter Hale-DorrSapient Corporation 4/3/96 MA 31.0 21.00 Goldman, Sachs & Co. Hale-Dorr Ropes-GraySeaChange International, Inc. 11/4/96 MA 30.0 15.00 Morgan Stanley & Co. Inc. Testa-Hurwitz Ropes-GraySegue Software, Inc. 3/27/96 MA 49.5 18.00 Alex. Brown & Sons Inc. Mintz-Levin Goodwin-ProcterSelfCare, Inc. 8/5/96 MA 11.1 8.50 Lehman Brothers Inc. Goodwin-Procter Mintz-LevinSIPEX Corporation 4/2/96 MA 23.8 9.50 Alex. Brown & Sons Inc. Testa-Hurwitz Ropes-GraySmartServ Online, Inc. 3/21/96 CT 7.5 5.00 Rickel & Associates, Inc. Parker-Chapin Schneck-WeltmanSonics & Materials, Inc. 2/27/96 CT 5.0 5.00 Monroe Parker & Company Cascone-Cole Bernstein-WessSpecialty Catalog Corp. 10/17/96 MA 9.8 6.50 GKN Securities Corp Kane-Kessler Graubard-MollenSS&C Technologies, Inc. 5/31/96 CT 71.3 19.00 Alex. Brown & Sons Inc. Hale-Dorr Skadden-ArpsSuburban Ostomy Supply Co., Inc. 10/9/96 MA 46.8 12.00 Dean Witter Reynolds Hutchins-Wheeler Latham-WatkinsThermo Fibergen, Inc. 9/13/96 MA 52.3 12.75 NatWest Securities Ltd. General Counsel Testa-HurwitzThermo Optek Corporation 6/7/96 MA 40.5 13.50 NatWest Securities Ltd. General Counsel Testa-HurwitzTransAct Technologies, Inc. 8/22/96 CT 9.8 8.50 Cruttenden Roth Inc. Hinckley-Allen Heller-EhrmanTransition Systems, Inc. 4/18/96 MA 108.0 18.00 Alex. Brown & Sons Inc. Foley-Hoag Willkie-FarrTranskaryotic Therapies, Inc. 10/16/96 MA 37.5 15.00 Morgan Stanley & Co. Inc. Palmer-Dodge Davis-PolkTravelers/Aetna Property Casualty Corp. 4/22/96 CT 885.9 25.00 Smith Barney Inc. Skadden-Arps Shearman-SterlingTrex Medical Corporation 6/27/96 CT 47.2 14.00 NatWest Securities Ltd. Hale-Dorr Testa-HurwitzTrident International, Inc. 2/27/96 CT 48.0 16.00 Prudential Securities Inc. Goodwin-Procter Testa-HurwitzUnited Natural Foods, Inc. 11/1/96 CT 39.2 13.50 Smith Barney Inc. Hale-Dorr Goodwin-ProcterViisage Technology, Inc. 11/8/96 MA 26.3 10.50 Cowen & Company Finnegan-Hickey Testa-HurwitzVirus Research Institute, Inc. 6/5/96 MA 27.6 12.00 Oppenheimer & Company Bachner-Tally Hale-DorrVivid Technologies, Inc. 12/11/96 MA 24.0 12.00 Lehman Brothers Inc. Brown-Rudnick Testa-HurwitzWebSecure, Inc. 12/4/96 MA 8.0 8.00 Coburn & Meredith, Inc. O’Conner-Broude William-PriftiWhite Pine Software, Inc. 10/11/96 NH 27.0 9.00 Cowen & Company Foley-Hoag Skadden-ArpsWorkgroup Technology Corporation 3/20/96 MA 50.5 15.00 Alex. Brown & Sons Inc. Testa-Hurwitz Hale-DorrXionics Document Technologies, Inc. 9/26/96 MA 36.0 12.00 Adams, Harkness & Hill Bingham-Dana Hale-Dorr

Index 19


Total $millions



1997@Entertainment, Inc. 7/31/97 CT 199.5 21.00 Goldman, Sachs & Co. Baker-McKenzie Shearman-SterlingAffiliated Managers Group, Inc. 11/21/97 MA 176.3 23.50 Goldman, Sachs & Co. Goodwin-Procter Sullivan-CromwellAmerican Skiing Company 11/5/97 ME 265.5 18.00 Donaldson, Lufkin & Jenrette Leboeuf-Lamb Latham-WatkinsAscent Pediatrics, Inc. 5/30/97 MA 18.0 9.00 Cowen & Company Hale-Dorr Mintz-LevinAugment Systems, Inc. 5/13/97 MA 9.9 5.50 Laidlaw Equities, Inc. Warner-Stackpole Graubard-MollenBright Horizons Children’s Centers, Inc. 11/7/97 MA 38.6 13.00 Alex. Brown & Sons Inc. Ropes-Gray Testa-HurwitzBrunswick Technologies, Inc. 2/5/97 ME 23.8 9.50 Josephthal Lyon & Ross, Inc. Gadsby-Hannah Bingham-DanaCasella Waste Systems, Inc. 10/29/97 VT 72.0 18.00 Goldman, Sachs & Co. Hale-Dorr Morrison-CohenConcord Communications, Inc. 10/16/97 MA 40.6 14.00 Montgomery Securities Testa-Hurwitz Mintz-LevinDiscas, Inc. 8/14/97 CT 4.0 5.00 Roan Capital Partners, L.P. Epstein-Becker Gusrae-KaplanEPIX Medical, Inc. 1/30/97 MA 14.0 7.00 Hambrecht & Quist Inc. Palmer-Dodge Hale-DorrExcel Switching Corporation 11/5/97 MA 94.5 21.00 Morgan Stanley Dean Witter Testa-Hurwitz Hale-DorrFirst Aviation Services, Inc. 2/28/97 CT 39.0 10.00 Smith Barney Inc. O’Melveny-Myers Andrews-KurthFirst International Bancorp, Inc. 9/23/97 CT 13.5 23.00 Prudential Securities Inc. Bingham-Dana Stroock-StroockFlexiInternational Software, Inc. 12/12/97 CT 33.0 11.00 BT Alex Brown Hale-Dorr Goodwin-ProcterFocal, Inc. 12/12/97 MA 25.0 10.00 Lehman Brothers Inc. Wilson-Sonsini Mintz-LevinFriendly Ice Cream Corporation 11/14/97 MA 90.0 18.00 Montgomery Securities Mayer-Brown Simpson-ThacherHartford Life, Inc. 5/22/97 CT 649.8 28.25 Goldman, Sachs & Co. Cravath-Swaine Sullivan-CromwellHowmet International, Inc. 11/26/97 CT 225.0 15.00 Morgan Stanley Dean Witter Wachtell-Lipton Brown-WoodInformation Management Assocs., Inc. 7/30/97 CT 50.7 13.00 Alex. Brown & Sons Inc. Leboeuf-Lamb Ropes-GrayLeukoSite, Inc. 8/15/97 MA 15.0 6.00 Hambrecht & Quist Inc. Bingham-Dana Hale-DorrLexington Healthcare Group 5/19/97 CT 5.6 5.00 Mason Hill & Company Gersten-Savage Schneck-WeltmanMac-Gray Corporation 10/17/97 MA 44.0 11.00 Salomon Brothers Inc. Goodwin-Procter Testa-HurwitzMarine Management Systems, Inc. 5/2/97 CT 7.0 5.00 Whale Securities Company Shipman-Goodwin Tenzer-GreenblattNexar Technologies, Inc. 4/9/97 MA 22.5 9.00 Sands Brothers & Co., Ltd. Choate-Hall Littman-KrooksOmtool Ltd. 8/8/97 NH 36.0 9.00 Robertson, Stephens & Co. Testa-Hurwitz Hale-DorrPeritus Software Services, Inc. 7/2/97 MA 56.0 16.00 Montgomery Securities Hale-Dorr Testa-HurwitzPhotoelectron Corporation 1/29/97 MA 17.0 8.50 Needham & Company Goulston-Storrs Testa-HurwitzRock of Ages Corporation 10/21/97 VT 59.7 18.50 Raymond James & Associates Skadden-Arps Greenberg-TraurigSilgan Holdings, Inc. 2/13/97 CT 90.0 20.00 Goldman, Sachs & Co. Winthrop-Stimson Shearman-SterlingThermo Vision Corporation 12/10/97 MA 8.1 7.50 Fahnestock & Co., Inc. Hale-Dorr Testa-HurwitzTranscend Therapeutics, Inc. 7/3/97 MA 18.0 10.00 Everen Securities, Inc. Hale-Dorr Skadden-ArpsTSI International Software Ltd. 7/2/97 CT 36.0 9.00 Robertson, Stephens & Co. Fenwick-West Testa-HurwitzUnited Rentals, Inc. 12/18/97 CT 94.5 13.50 Merrill Lynch & Co. Weil-Gotshal Skadden-Arps1998American Dental Partners, Inc. 04/15/98 MA 33.8 15.00 BT Alex Brown Baker-Hostetler Ropes-GrayArtificial Life, Inc. 12/17/98 MA 13.6 8.50 New York Broker, Inc. Mintz-Levin Greenberg-TraurigAtlantic Data Services, Inc. 05/22/98 MA 32.5 15.00 BancAmerica Testa-Hurwitz Hale-DorrCharles River Associates Incorporated 04/23/98 MA 40.5 18.50 Nationsbanc Foley-Hoag Hale-DorrCommand Systems, Inc. 03/12/98 CT 32.4 12.00 Cowen & Company Mintz-Levin Buchanan-IngersollCuraGen Corporation 03/18/98 CT 34.5 11.50 Morgan Stanley Dean Witter Mintz-Levin Ropes-GrayCyberian Outpost, Inc. 07/31/98 CT 56.0 18.00 BT Alex Brown Mintz-Levin Reboul-MacMurrayExchange Applications, Inc. 12/08/98 MA 33.0 11.00 Goldman, Sachs & Co. Bingham-Dana Ropes-GrayFreedom Securities Corporation 04/01/98 MA 148.0 20.00 Donaldson, Lufkin & Jenrette Hutchins-Wheeler Davis-PolkGiga Information Group, Inc. 07/29/98 MA 37.5 12.50 Friedman, Billings, Ramsey Weil-Gotshal Brobeck-PhlegerHometown Auto Retailers, Inc. 07/28/98 CT 16.2 9.00 Paulson Investment Morse-Zelnick Greenberg-TraurigHost America Corporation 07/24/98 CT 5.0 5.00 Barron Chase Securities, Inc. John-Willis David-CarterInformation Holdings Inc. 08/06/98 CT 51.0 12.00 Merrill Lynch & Co. Willkie-Farr Cahill-GordonInternational Integration Incorporated 06/23/98 MA 30.0 12.00 Morgan Stanley Dean Witter Hale-Dorr Testa-HurwitzMercury Computer Systems, Inc. 01/29/98 MA 36.8 10.50 Prudential Securities Inc. Hutchins-Wheeler Testa-HurwitzMerkert American Corporation 12/16/98 MA 66.0 15.00 Wheat First Union Goodwin-Procter Shearman-SterlingMerrill Merchant Bancshares, Inc. 08/10/98 ME 7.7 12.75 Advest, Inc. Hutchins-Wheeler Tyler-CooperNetwork-1 Security Solutions, Inc. 11/12/98 MA 10.2 6.00 Whale Securities Company, L.P. Bizar-Martin Tenzer-GreenblattNortheast Optic Network, Inc. 07/30/98 MA 54.0 12.00 CS First Boston Hale-Dorr Cravath-SwainePC Connection, Inc. 03/03/98 NH 54.7 17.50 Donaldson, Lufkin & Jenrette Hale-Dorr Latham-WatkinsProvant, Inc. 04/28/98 MA 33.8 13.00 Nationsbanc Nutter-McClennen Ropes-GrayTweeter Home Entertainment Group, Inc. 07/15/98 MA 46.1 17.00 BT Alex Brown Goulston-Storrs Testa-Hurwitz

AcknowledgementsThis Report was created and producedby Hale and Dorr LLP.

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Notes on DataThe data used to compile this Report wascompiled by Hale and Dorr LLP. All data excludesreal estate investment trusts (REITS), bankconversions and closed end funds. A numberof sources were referenced in compiling thisdata including: IPO Central, IPO Data Systems,Securities Data Company and the WashingtonService Bureau. Any questions regardingthe data which appears in this reportshould be directed to Tim Gallagherat [email protected] (617) 526-5605.

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