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Asian IPOs hit by tech plunge
REUTERS
New Delhi, May 24: Around 200 Asian initial public offerings (IPOs) of shares in technology sector companies have been pulled back in recent weeks because of a global decline in stocks in the sector, an Internet expert said on Wednesday. However, the Internet as a sector continued to have astrong future, and Asian markets were considered sound, he said."Investor confidence in Asia is still very, very high, "Michael Westcott, managing director, Asia-Pacific, for Penton Media Inc, told a news conference on the India Internet World exhibition his company conducts every year.Westcott said high stock valuations based on anticipated growth in advertising linked to Internet eyeballs were a thing of the past. "I think...investors want to look at Asia (but) they think the B2C (business-to-consumer) play has been very much overvalued," he said. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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