The initial public offering of Preview Systems (Nasdaq: PRVW), which develops technology that allows e-commerce retailers and other businesses to distribute trial versions of their software, music and other products, was a huge winner on Wall Street on Wednesday. The initial public offering was priced at $21 a share for 3.8 million shares, above the revised range of $16 to $18 after an original range of $10 to $12. Shares of Preview Travel climbed nearly 300 percent on Wednesday, gaining 62-3/4 to close at 82-3/4.
Preview Systems’ position as an e-commerce enabler for major software and music publishers is impressive. The company’s clients include Microsoft, Sony and Symantec. This company, which has Softbank as a significant shareholder, looks like a pretty unique e-commerce infrastructure play.