AppNet's IPO falls flat

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AppNet Systems, Bethesda, Md., a holding company of several Web developers and Internet marketing companies, went public June 18 at $12 a share and closed the day exactly where it started--$12 a share. The initial public offering of 6 million shares of common stock was listed on the Nasdaq National Market under the symbol APNT. AppNet owns i33 Communications, New York; Internet Outfitters, Santa Monica, Calif.; Sigma6 Interactive Media, Detroit; and other developers.

Copyright June 1999, Crain Communications Inc.

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