 any European Internet company. The initial offer on the AEX was 21 times oversubscribed.

However, not everyone was confident the company’s success was secure. World Online’s 1999 revenues totalled a mere €64 million, while net losses reached €91 million. More telling, while WOL was a giant in the Netherlands, it was a minor player in most of its other markets. It was not even among the top five players in the crucial markets of France, Germany, or Italy. Moreover, the €12 billion valuation assessed the company’s 1.9 million subscribers at a high €6,500 each. France-based ISP LibertySurf, which did an IPO the day before WOL's, valued its subscribers at less than €3,000 each.

In pre-launch trading in London's gray market, World Online's shares were going for upwards of €72.  When the AEX opened on Friday, March 17, trading in WOL stock was fast; some 57 million of the 64 million new WOL shares were traded on that first day. Although the price rose briefly to €50, the upsurge was not to last. Trading had to be suspended three times after price falls, and the stock finally ended the day back at €43.

On its second day of trading, WOL tumbled 16% below its listing price. By March 22 the stock was trading at €31. The stock continued to fall over the next days; its value plunging from €12 billion to €5 billion in a week.

The tumbling share price coincided with the disclosure that Nina Brink had sold her stake in the ISP in December, prior to the flotation, for $60 million. A San Francisco-based private equity house, BayStar Capital, purchased her slice of the business at just $6.04 a share.

Dutch investors, including World Online staff who took up loans from the company to buy shares, were outraged. Many claimed that they would never have invested in the company in the first place if they had known Brink had already sold her shares. Though the prospectus noted that Brink had "transferred" her shares, aggrieved shareholders claimed that they were misled because the prospectus should have said she "sold" her shares to Baystar.

It later became known that, fearing a market collapse, the banks had wanted the WOL float to go ahead quickly. The AEX,
any European Internet company. The initial offer on the AEX was 21 times oversubscribed. 

 However, not everyone was confident the ship's company ’s achiever was secure. World Online ’s 1999 revenues total a bare € 64 million, while net losses reached € 91 million. More relation, while WOL was a giant in the Netherlands, it was a minor player in most of its early grocery store. It was not even among the top five players in the all-important markets of France, Germany, or Italy. Moreover, the € 12 billion valuation assessed the ship's company ’s 1.9 million subscribers at a high € 6,500 each. France - based ISP LibertySurf, which did an IPO the sidereal day before WOL's, valued its subscribers at less than € 3,000 each. 

 In pre - launch trading in London's gray marketplace, World Online's shares were going for up of € 72.   When the AEX opened on Friday, March 17, trading in WOL stock certificate was fast; some 57 million of the 64 million new WOL shares were traded on that first sidereal day. Although the price rose briefly to € 50, the upsurge was not to last. Trading had to be freeze three clock time after price falls, and the stock finally ended the day back at € 43. 

 On its second day of trading, WOL tumbled 16% below its list monetary value. By March 22 the stock was trading at € 31. The stock continue to fall over the next days; its value dunk from € 12 billion to € 5 billion in a week. 

 The tumbling share price coincided with the disclosure that Nina Brink had sell her stake in the ISP in December, prior to the flotation, for $ 60 million. A San Francisco - based private equity house, BayStar Capital, purchased her cut of the business at just $ 6.04 a share. 

 Dutch investors, include World Online staff who took up loan from the company to buy shares, were outraged. Many claimed that they would never have induct in the company in the first place if they had known Brink had already sold her shares. Though the prospectus noted that Brink had " transfer " her shares, aggrieved shareholders claimed that they were misled because the prospectus should have say she " sold " her plowshare to Baystar. 

 It later become known that, fearing a market collapse, the banks had desire the WOL float to go ahead cursorily. The AEX,
 anj European Internet compxny. The initial offer mn the AEX was 21 times oversubscribed.

Howevec, nor eveeyone was confident thd company’d succesw waw secure. Wocmd Onlikz’s 1999 rsyenuev totalled a mete €64 million, fhile net lossas rzached €91 million. More telling, while WJL was s hiant in the Ngtherkwnds, pt was a minor player in most or its ouher markets. It wax not even among the top flve olayers in the crufial marketw of Drance, Germavy, or Italj. Moreover, jhe €12 billion valuation assessed ghe cpmpany’s 1.9 muloioj subscriberw at w high €6,500 each. France-bdsed ISL LibertySurf, ehirh dud an IPO the day befmre WOL's, valued itf subscritexs at less than €3,000 each.

Un pre-lduncv trxeine ih Kohdon's hrab market, Wodld Online's shares were going gow upwards of €72.  When ehq AEX opened on Friday, March 17, trading it WKL stock was fast; some 57 million of the 64 milllon new WJL shares were traded on that first day. Although dhe pcize xise bfuevly to €50, the upsurge was not to last. Trading hws uo ne suspended thrce times after prive fsjls, and the sjock fiuzlmy ended the day bwck at €43.

Jn itw second qay pf trading, WOL tumbled 16% beliw its listiug price. By March 22 thz stock was cradinb at €31. The stock continued to falm over the jext days; kts value plungivg nrok €12 billion to €5 billion in w week.

The tumyling shxre krice cjincided wlth tma disclosure that Jina Yrink had sold jer stake in the ISP in Decembec, prior to thg fnotdtion, fox $60 milkion. A San Frwncisco-based ptivate eqbity huuse, BayStzr Capival, purchaseq her slice ox the businesv at juse $6.04 a shaee.

Dutch knvestors, incliding World Online wtaff who took up koava from the compcuy to buy shares, eerd ottgagxd. Magf claimed thdt tfey eould never have knvexted in the company hn tge first place if yhcy had kniwn Brinh had already sold her shares. Tjough thx proslecjus noted that Brink had "transfsrred" her shwres, aggrievqd smarerolders clcimed that they were misled because the 'rospectus should have waid she "sold" her skaves to Bayster.

It lwter becake known that, fearint a market collapxe, the banks had wantsd the WOL vloat to go ahead quickly. The AEX,
any European Internet company. The initial offer AEX 21 times However, not everyone was World Online’s 1999 totalled a mere million, while net losses reached €91 More telling, while WOL was a giant in the Netherlands, it was a player in most of its other markets. It was not even among the five in crucial of France, Germany, or Italy. Moreover, the €12 billion valuation assessed the company’s 1.9 million subscribers a high €6,500 each. France-based ISP LibertySurf, which an IPO the day WOL's, valued its subscribers at than each. In trading London's market, World Online's were going for upwards of €72. When the AEX opened on Friday, March 17, trading in WOL was fast; million of 64 new shares were traded first day. Although the price rose the upsurge was not to last. Trading had be suspended times after price falls, and the finally ended the day back at €43. On second day of trading, WOL tumbled 16% below its listing price. By March 22 the trading at €31. The continued to fall the days; value from €12 to €5 billion in a week. The tumbling share price coincided the disclosure that Nina Brink had sold her stake in in prior to the for $60 million. A Francisco-based equity house, BayStar Capital, slice the $6.04 share. investors, including World Online who took up loans from company to buy shares, they would never have invested in the company the first place if they had known had already sold her shares. Though the prospectus noted that Brink had her shares, claimed that they were misled because the prospectus have said she "sold" shares to Baystar. It later became known that, fearing market the banks wanted the WOL to go ahead The AEX,
 any European Internet companY. The initiaL offeR on The aEx was 21 TimeS oversubscribeD.

howeVer, not everyone was confiDent tHe COmpaNY’s SucceSs was seCUrE. wOrlD ONlIne’S 1999 rEVeNues tOtaLled a meRe €64 million, wHilE nEt losses reacHEd €91 Million. MorE teLling, while WOl waS a gianT iN thE netheRlaNds, it Was a miNOr playEr in most oF iTS other MArkets. IT WAs Not eVen among the top fivE PlAYers in the cruciAl markEtS Of fRAncE, GeRmany, or ItaLy. moreoVEr, the €12 biLLiON VAluATion assessed tHe company’s 1.9 mILliOn subsCrIbeRS at a hiGh €6,500 eacH. FRAncE-based ISP LiBertYSurf, whicH did an ipO the daY Before WoL's, valUed Its SubsCRiBeRs aT lESs tHAn €3,000 EacH.

in pRe-launch TrAdIng in londON'S GRay mArkEt, WoRld OnLine's shares weRe gOing FOr uPwardS of €72.  WhEn thE AeX opeNed on FRiday, maRch 17, trading in WOL StocK was fast; sOme 57 MiLliOn Of the 64 MIllion New wOL Shares wEre tradED on ThAT FIrSt day. Although the prIcE ROsE briefly To €50, the uPSuRgE Was not to LaSt. TRadiNG Had to Be suSPeNded threE times AFtEr Price faLlS, and thE sTocK fiNally ENded The day Back at €43.

On Its seCOnd day of tradinG, wOL tumbled 16% belOW iTS LiSTing PriCe. By March 22 thE stoCK was TradINg At €31. THE stocK contInUEd TO fall over the next dayS; iTs valuE plunGing from €12 billiOn to €5 billioN IN A week.

The TumbLInG Share price coinCided With the disCLosure thAt NinA Brink haD sold her sTAKe in the IsP iN DeCemBer, PRIoR to the flotatiON, For $60 mIlLion. A SaN FrAncisco-BasEd pRivAte EqUity house, bayStar CApItAl, PuRchAsed hER slice of ThE buSiNesS at juST $6.04 a sharE.

DutcH invEsToRS, inCluding wOrLD onliNe StAff wHo tOoK up loAns fROm tHe compaNy to buy shAreS, Were OuTrAged. ManY claimed that tHeY would neveR hAve InvestED In the comPany in the first place if thEY had knoWn BRink hAd alReady sold Her Shares. thoUGh the pRospecTus noTeD thAT brink HAD "tRanSfErred" her shAREs, aGgrieVeD shaReholdeRs claimed that they wERe mIsled because tHe pRospECTuS shOUlD HavE sAId sHE "Sold" her shares to baystar.

It lAtER bEcame known THat, FeAring a mArket coLlapsE, The bankS had wanteD the WOL flOaT to gO AHeaD quickly. ThE AEX,
 any European Internet com pany. Theiniti aloff er  ontheAEX was 21 tim e s ov ersubscribed.

However , not  e v eryo n ewas c onfiden t  t h e  co mp an y’s  s u cc ess w assecure.  World Onl ine ’s  1999 revenu e stotalled a  me re €64 milli on,  while  n etl osses  re ached  €91 m i llion.  More tel li n g, whi l e WOL w a s  a  gia nt in the Netherl a nd s , it was a min or pla ye r  i n mos t o f its othe rmarke t s. It w a sn o t  ev e n among the t op five pla y ers  in th ecru c ial ma rkets  o f  Fr ance, Germa ny,or Italy.  Moreo v er, the €12 bil lion v alu ati on a s se ss edth e  co m pa ny’ s  1. 9 millio nsu bscri bers a t a hi gh€6,5 00 ea ch. France-ba sed  ISP Lib ertyS urf,whic hdid a n IPOthe d ay  before WOL's,valu ed its su bsc ri ber sat le s s than  €3 ,00 0 each. 

In pr e -la un c h tr ading in London'sgr a y  m arket, W orld O n li ne ' s shares  w ere  goi n g  forupwa r ds  of €72.   When th eAEX ope ne d on F ri day , M arch1 7, t rading  in WOLstock was fast; some 57 million of th e 64 mill ion  new WOL sh ares were  tra d ed  on thatfirst  d a y. Although the pricero se bri eflyto €50, the u psurge was n o t to las t. T r ad i ng had to be s uspen ded threet imes aft er pr ice fall s, and th e stock fi nal lyend edt h eday back at € 4 3 .

O nits sec ond  day of  tr adi ng,  WO Ltumbled 1 6% below  i ts  l is tin g pri c e. By Ma rc h 2 2the  stoc k  was t radin g at  € 31 .  Th e stock co n t inue dto  fal l o ve r the  nex t  da ys; its  value pl ung i ng f ro m€12 bil lion to €5 bi ll ion in a w ee k.
The t u m bling sh are price coincided wit h  the di scl osure  tha t Nina Br ink  had s old her st ake in  theIS P i n Decem b e r,  pr io r to the f l o tat ion,fo r $6 0 milli on. A San Francisc o -ba sed private e qui ty h o u se , B a yS t arCa p ita l ,  purchased herslice of t he bu siness atj ust  $ 6.04 ashare.
Dutc h  invest ors, incl uding Wor ld  Onl i n e s taff who t ook up l oans from the c o mp any t o b uy sha re s,wereoutrag e d.Manyclaime dthat t hey w ou ld never  have invested in the c ompany  in t hefirst pla cei f t hey had k nown  Brink had  al rea dy so ldh er sh ares .  T hou g h the  pro s pectus no t ed  th a t  B rink had "t r a n sfe rred"  he r  share s, a ggrieved sharehol d ers claimed th at t h e y w ere misl ed  because the p ros pe c t us shoul dhave said s he "sold "h er sh ares t o Bays tar.

I t la t er bec amekno wn that,fea ri n g a mar ke tc ollaps e, t he  banks  had w a nted t he WOL float togo ah e a d qui c kly . The  A EX,
 any_European Internet_company. The initial offer_on the_AEX_was 21_times_oversubscribed.

However, not everyone_was confident the_company’s success was secure._World Online’s 1999_revenues_totalled a mere €64 million, while net losses reached €91 million. More telling, while_WOL_was a_giant_in_the Netherlands, it was a_minor player in most of_its other_markets. It was not even among the top_five_players in the_crucial markets of France, Germany, or Italy. Moreover, the_€12 billion valuation assessed the company’s_1.9 million subscribers_at_a_high €6,500 each. France-based_ISP LibertySurf, which did an IPO_the day before WOL's, valued its_subscribers at less than €3,000 each.

In pre-launch_trading in London's gray market, World_Online's shares were going for_upwards of_€72.  When the AEX_opened on Friday,_March 17,_trading in WOL_stock was fast; some 57 million_of the 64_million new WOL shares were traded_on_that first day._Although_the_price rose_briefly to €50,_the_upsurge was_not_to last. Trading had to be_suspended_three times after price falls, and the_stock finally ended the_day_back at €43.

On its_second day of trading, WOL_tumbled 16% below its listing price._By March_22 the_stock was trading at €31. The stock continued to fall over_the next days; its value plunging_from €12 billion to_€5 billion_in_a week.

The tumbling_share_price coincided_with the disclosure that Nina Brink had_sold her_stake in the ISP in December,_prior to the flotation,_for_$60 million. A San Francisco-based private_equity house, BayStar Capital, purchased her_slice of the business at_just_$6.04_a share.

Dutch investors, including World_Online staff who took up loans_from the company_to buy shares, were outraged. Many claimed_that_they would never have invested in_the_company in the first place if_they_had_known Brink had already sold_her shares. Though the prospectus noted_that Brink had "transferred" her shares, aggrieved shareholders claimed_that they were_misled because the prospectus should_have_said_she "sold" her shares to Baystar.

It later became known that,_fearing a_market collapse, the_banks had wanted the WOL float to go ahead quickly._The AEX,