Exodus: Another Hot Internet IPO Hits the Market

SAN FRANCISCO -- Get ready for the Internet Darling of the Week: Exodus Communications (EXDS:Nasdaq).

Exodus, which is in the burgeoning business of managing other companies' Internet operations, may itself trigger something of an exodus of cash from investors' hands when it hits the markets as early as today. Late Wednesday night, lead underwriter Goldman Sachs priced the offering at $15 a share, well above the $9 to $11 range estimated in the prospectus.

The stock is almost a sure bet to be a hit in its first few days because the appetite for Internet stocks, which has risen to a crescendo in recent weeks, has seen few new offerings. And while there are other promising issues down the line -- ISS Group expected next week and Verio in late April -- the market is awaiting Exodus with the kind of pent-up anticipation of sailors heading for shore leave. ...