This Week in IPOs

With this column we introduce Ben Holmes, the founder of ipoPros.com, a Colorado-based research boutique specializing in analysis of equity syndicate offerings. Ben developed his craft as a hedge fund manager with Worldwide Capital Corp. on Long Island, where he managed positions in IPOs and follow-on offerings. In 1997, he started ipoPros (www.ipoPros.com) to bring IPO and follow-on research to individual and professional syndicate investors. During his career, he has participated in more than 2,000 IPOs and secondary offerings. Neither Ben Holmes nor ipoPros has a position in, or has requested any shares in, the offerings mentioned in this column.

As a professional involved in the new-issues market for the past 11 years, I have come to view the ups and downs of the IPO market with a somewhat jaundiced eye. And for much of the past decade, the new-issues market remained an insider's game, which only the institutions could play and win.

But the Internet has changed all that, at least if you follow what some individual investors are doing, thanks to the availability of the hottest IPOs through DLJdirect, Wit Capital and E*Trade. ...