Internet companies riding the stock waves

Internet companies riding the stock waves

After ecorp's less than spectacular listing on the ASX, fellow Australian Internet company Spike has beefed up its board of directors and is reportedly on the verge of a stockmarket float.

Rumours surround Spike's listing

Spike Networks has announced the appointment of two new directors to bolster its executive board, signalling an intention to list on the Australian Stock Exchange.

Reports have surfaced claiming the company is looking to list in July hoping to raise $32 million which would value the company at around $120 million. Sarah Cave, Spike's marketing director, said that while there has been no official announcements regarding the float, these figures "aren't inaccurate."

The appointments will see One.Tel's chairman John Greaves and former Starbucks Coffee executive vice president Lawrence Maltz join Spike's Chris O'Hanlon (CEO), John McGuigan, Tim Mainprize and group finance director John Atkinson.ecorp a disappointing debutanteKerry Packer's spin-off Internet company ecorp Limited has had a disappointing debut in the ASX this week [subbed], with share's only increasing marginally on expected earnings.

Looking to secure $161 million, with a total of 670 million shares on offer through Retail, Priority, Qualifying Employee and Institutional Offerings ecorp opened at $1.20 per share before closing 55 cents higher at $1.75. This flies in the face of reports touting the company's shares could blowout to between $2 and $3 per share.

A wholly owned subsidiary of Publishing & Broadcasting Limited, ecorp heads up both Ticketek and Online Broker Holdings and has a further 50 per cent stake in ninemsn and eBay Australia & New Zealand.ecorp closed yesterday at $1.99.

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