Hoover's IPO Scorecard Reveals IPO Pricings Surge By 150%

FOR IMMEDIATE RELEASE

AUSTIN, TEXAS - October 1, 2003 - For the first time since Q4 2002 the number of IPO pricings in a quarter has pushed into double-digit territory. According to Hoover's latest IPO Scorecard, 20 U.S. companies went public in the third quarter of 2003, compared to each of the previous four quarters, which saw five in Q2 2003, five in Q1 2003, 23 in Q4 2002 and seven in Q3 2002. The IPOs for Q3 2003 raised $3.6 billion, compared to $5.1 billion raised by six IPOs during the same quarter in 2002 - CIT Group accounted for $4.6 billion of those funds. Hoover's IPO Scorecard (http://www.hoovers.com/global/ipoc/index.xhtml?pageid=4546) is published by Hoover's, Inc., a leading provider of business information and publisher of Hoover's Online (www.hoovers.com).

Statistics from Hoover's IPO Scorecard for the third quarter 2003:

• There have been 30 IPOs this year, raising $6.2 billion, compared to 50 IPOs at this same point last year, which raised $17.9 billion.
• Aftermarket performance for the IPOs of Q3 2003 is up 21% on average, with all but four companies trading above their offer price.

Top Ten Best-Returning IPOs for Q3:

	Offer	Q3 Close	Return
iPass Inc. (NASDAQ: IPAS)	$14.00	$23.50	68%
Digital Theater Systems, Inc. (NASDAQ: DTSI)	$17.00	$ 28.48	68%
Molina Healthcare, Inc. (NYSE: MOH)	$17.50	$ 27.75	59%
InterVideo, Inc. (NASDAQ: IVII)	$14.00	$21.45	53%
SigmaTel, Inc. (NASDAQ: SGTL)	$15.00	$20.61	37%
Providence Service Corporation (NASDAQ: PRSC)	$12.00	$15.80	32%
CapitalSource Inc. (NYSE: CSE)	$14.50	$17.50	21%
Direct General Corporation (NASDAQ: DRCT)	$21.00	$25.07	19%
NETGEAR, Inc. (NASDAQ: NTGR)	$14.00	$16.64	19%
National Financial Partners Corp. (NYSE: NFP)	$23.00	$27.00	17%

Justin Burrows, Hoover's money editor, commented on the quarterly results: "Pricings are only half of the story. There were 46 filings in the third quarter - exactly 46 times more than in Q2. Many of these IPOs will be ripe to price next quarter, which will likely mean a busy Q4 as well. The number of filings is roughly in line with Q3 one year ago. However, recent filings are more likely to make it to market, so the implications for a busy IPO season may be even stronger than initial review would indicate. Despite the apparent upswing in the IPO market, several companies on the IPO waiting list opted for outright sales instead, including Schlumberger's semiconductor unit, shoemaker Converse and women's retailer WhiteHouse, Inc.," Burrows concluded.

Hoover's staff - in addition to providing continuously updated information about thousands of private and public companies worldwide - analyzes the IPO market daily to produce the quarterly IPO Scorecard, a regular wrap-up of IPO activity, released on the IPO Central section of Hoover's Online. Each IPO Scorecard includes an assortment of facts selected by Hoover's editors for those following the IPO market: the best- and worst-performing IPOs, the biggest one-day jumps and drops in the first day of trading; the quarter's "Happy CEOs" (a list of the richest CEOs based on post-IPO paper value); and "Money Left on the Table," which compares underwriter pricings to actual first-day trading prices.

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Hoover's, Inc., a subsidiary of D&B, is a leading provider of business information. Hoover's provides authoritative, updated information for sales, marketing, business development, and other professionals who need intelligence on U.S. and global companies, industries, and the people who shape them. This information, along with powerful tools to search, sort, download and integrate the content, is available through Hoover's Online (www.hoovers.com), the company's premier online service. Hoover's business information is also available through corporate intranets and distribution agreements with licensees, as well as via print and CD-ROM products.

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