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Tech IPO busts from the Internet boom (gallery)

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    As Facebook prepares to launch its massive IPO, it's a good time to look at the late 1990s and see the companies expected to make a fortune but soon - very soon - came up short.

    Pets.com was one of the most memorable after it raised $82.5 million in its 2000 IPO and then folded 9 months later. In its last full quarter, the company lost $27.7 million after revenues of $9.4 million. It actually lost money on most of the items it sold.

    Pets.com was best remembered for its sock puppet.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364432.png

    Boo.com was a global online fashion store that spent the $188 million it raised - in 6 months. It was out in 2000.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

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    Another awful IPO was TheGlobe.com's. It was  a company that was founded by two Cornell University undergraduates and gave out free Web space. There was no business plan but its trading soared 606 percent on the first day in November, 1998 - from $9 to $48 a share. It reached a valuation of $1.5 billion.

    The success was short lived. It was delisted by NASDAQ in 2001 but it did hang on until 2007.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364431.jpg

    FreeInternet.com is still remember for its spokesman, Talking Bob (and his replacements), lives on - first featured in one of the all-time worst TV shows in history and now selling stocks in commercials. At the time FreeInternet.com was the 5th largest ISP in the U.S. with 3.2 million customers. But it never really got off the ground as March 2000 IPO fell during the Dotcom bubble burstand it filed for bankruptcy in October 2000. It was acquired by United Online Inc. (owner of NetZero) in 2000.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364433.jpg

    DrKoop.com was named after the former U.S. Surgeon General during the Reagan administration, C. Everett Koop. His company's IPO raised $88.5 million in June 1999 but needed a loan of $20 million to stay afloat in October 2000. It was history in December 2001.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364434.jpg

    etoys.com started out fast in 1999 with an IPO which jumped from $20 to $77 on its first day of trading - raking in $166 million. Unfortunately, it ran into competition from sites such as Amazon.com and its stock shares eventually sold for $0.09 per share in February 2001.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364437.jpg

    Infospace.com sold online yellow pages. It raised $75 million for its IPO in December 1998 and by March 2000 its stock price traded at $1,305. However, by June 2002 it sold for $2.67.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364438.jpg

    Kozmo.com never made it to its IPO. It was one site that had a popular business but needed a better plan. You could order anything from movies to snacks and they would be delivered within an hour - for free. It filed for an IPO in March 2000 but never made it happen. The company officially folded in April 2001.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364439.jpg

    Lastminute.com was a British travel agancy that saw its IPO price double in March 2000. It was eventually sold in 2005 to Travelocity owner Sabre Holdings. Investors were forced to cash in at $2.75. It never made a profit.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

  • 6364440.jpg

     The online grocery delivery service, Webvan.com, doubled in trading on its first day - raising $375 million and a valuation of $1.2 billion. Unfortunately for the buyers, the company went bankrupt in 2001 after it earned less than $5 million in revenues with the cost of an order $27.

    Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

    Caption by: Andy Smith

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Andy Smith

By Andy Smith | May 18, 2012 -- 06:03 GMT (23:03 PDT) | Topic: Banking

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As Facebook prepares to launch its massive IPO, it's a good time to look at the late 90s to see what people thought were good investments.

Read More Read Less

As Facebook prepares to launch its massive IPO, it's a good time to look at the late 1990s and see the companies expected to make a fortune but soon - very soon - came up short.

Pets.com was one of the most memorable after it raised $82.5 million in its 2000 IPO and then folded 9 months later. In its last full quarter, the company lost $27.7 million after revenues of $9.4 million. It actually lost money on most of the items it sold.

Pets.com was best remembered for its sock puppet.

Published: May 18, 2012 -- 06:03 GMT (23:03 PDT)

Caption by: Andy Smith

1 of 10 NEXT PREV

Related Topics:

Banking Enterprise Software Australia Government Big Data Analytics Innovation
Andy Smith

By Andy Smith | May 18, 2012 -- 06:03 GMT (23:03 PDT) | Topic: Banking

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