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SpatialNews.com Press Release
 Wireless News - Business News - Feature Columns
Morgan Stanley Dean Witter Publishes the Technology & Internet IPO Yearbook -- Sixth EditionThe Technology & Internet IPO Yearbook is intended to be a reference piece for technology investors that offers an historical perspective on the wealth creation derived from new technology industries and the ups and downs of the market for technology stocks. The report allows investors to reach one main conclusion about technology investing: while offering a wild and wooly ride, technology investing has been extremely lucrative. "Technology investing over time has proven itself profitable for investors who successfully diversify their portfolio and include technology leaders in their holdings," said Mary Meeker, a Managing Director of Morgan Stanley Dean Witter. "Given the narrow breadth of tech winners in the whole technology universe, it is crucial to be selective when investing in technology stocks, picking early leaders with strong fundamentals -- this is especially important in market downturns like the one we are currently experiencing." According to Chuck Phillips, a Managing Director of Morgan Stanley Dean Witter, "A study of the technology IPO market lends perspective to various industry trends, from the decline of the mainframe to the rise of the PC and the recent success of networking and Internet companies. Looking at the big picture allows us to better appreciate market trends and the simple fact that history does tend to repeat itself." Among the findings of The Technology & Internet IPO Yearbook:
The report highlights the difference in wealth creation of the various technology sectors. Software leads all technology sectors with over $900 billion in market value appreciation, followed by the Internet with almost $800 billion in wealth creation. Industries such as navigation equipment and robotics lag the group. Of particular note is that the Internet, in essence a five-year-old market sector, is the second greatest wealth creator in the technology space. Technology IPOs Sorted by Business Sector Lifetime Mkt. Value Appreciation, 1980-99 (Millions)
Business Sector Lifetime Mkt. 1/31/00
Mkt. Value Value at Mkt.
Apprec./ IPO Value(b)
Deprec.(a)
Software $ 959,466 $ 55,146 $ 1,014,612
Internet 791,804 146,959 938,763
Data networking 513,838 18,525 532,363
Telecom equipment 367,066 41,923 408,990
Semiconductors 267,763 23,235 290,998
PCs 177,441 3,145 180,586
Workstations/Servers 163,662 4,230 167,892
Peripherals 127,710 14,873 142,584
Non US-Based
Tech Companies 102,499 33,219 135,718
Services 91,803 28,545 120,348
Lasers 64,964 492 65,457
Semiconductor
capital equipment 49,990 3,773 53,764
Electronics manufacturing
services 46,796 2,953 49,749
Radio and TV equipment 29,794 3,010 32,804
CAD/CAM, EDA 18,838 4,190 23,028
Computers 6,162 5,691 11,853
Voice processing 6,093 1,168 7,261
Electronics & Distribution
(including connectors and
components) 5,627 6,983 12,609
Test equipment 4,907 2,196 7,102
Satellites 571 876 1,448
Superconductors 316 540 856
Gaming 171 1,154 1,325
Navigation equipment 111 296 406
Robots (41) 220 179
----------- ----------- ------------
Total $ 3,797,351 $ 403,343 $ 4,200,695
(a) Current market value or acquired value (for acquired companies)
less capital raised in follow-on offerings and market value at
time of IPO.
Internet Sub-Sector Lifetime Mkt. Mkt. Value 1/31/00 Mkt.
Value Apprec./ at IPO Value
Deprec.(a)
Internet Portal $267,726 $ 7,272 $274,998
Internet Infrastructure
Services 124,061 42,036 166,097
Internet B2B Software 96,167 11,806 107,972
Internet Infrastructure 69,334 7,679 77,014
Multi-Sector
Internet Companies 55,056 1,120 56,176
Internet Commerce 54,416 24,048 78,464
Internet Direct Marketing
& Advertising Services 36,840 5,959 42,799
Internet Consulting &
Application Services 31,286 12,106 43,392
Internet Vertical Portal 30,805 15,637 46,442
Internet B2B Commerce 20,575 2,944 23,519
Internet Financial Services 5,539 16,352 21,891
--------- --------- ---------
Total(b) $791,804 $146,959 $938,763
(a) Current market value or acquired value (for acquired companies)
less capital raised in follow-on offerings and market value at
time of IPO.(b) Note that the total market capitalization of these Internet sub-sectors comprise that of the Internet sector as a whole. Source: Morgan Stanley Dean Witter Technology & Internet IPO Yearbook (Sixth Edition) Interested parties can access The Technology & Internet IPO Yearbook beginning June 1, 2000, at www.msdw.com/techresearch. Clients may call their Morgan Stanley Dean Witter sales representative for a printed copy of the report. Morgan Stanley Dean Witter & Co. (NYSE: MWD) is a global financial services firm and a market leader in securities, asset management, and credit and transaction services. The company has offices in New York, London, Tokyo, and Hong Kong and other principal financial centers around the world and has 488 securities branch offices throughout the United States. CONTACT: Edelman Worldwide Lindsay Hyde, 415/433-5381 x227 lindsay.hyde@edelman.com Alexandra Liftman, 415/433-5381 x209 alexandra.liftman@edelman.com
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