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Akamai announces IPO plan

Shares to net $86.25m in addition to the $61.5m company has had of Apple and Cisco

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Internet content delivery specialist Akamai, close chum of both Apple and Cisco, has said it plans join the Net IPO bandwagon real soon now. The company said it hopes its stock offering will raise $86.25 million, though that's as much for the Securities and Exchange's benefit -- it will be used to calculate Akamai's registration fee. Other details of the upcoming IPO, including its date and the number of shares to be issued, were not revealed -- they will come later in a follow-up SEC filing. Cisco announced its purchase of four per cent of Akamai for $49 million last week, at the same time that Apple admitted it had spent $12.5 million for a five per cent stake back in July. Apple is using Akamai's network of 900 servers around the world to host its QuickTime TV showcase for the Mac maker's entry into the media streaming market. Cisco, on the other hand, wants Akamai's technology to be incorporated into its routers. Both companies could easily see the value of their minority shareholdings increase significantly once the Akamai IPO occurs. Internet companies' stocks have been down of late, but their shares are still priced ahead of the original IPO value. ®

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