|Fast start for Frame IPO|
by Laurie Flynn
San Jose, CA: Frame Technology staged a successful initial public offering (IPO) last month, indicating a renewed confidence in the high-tech market.
At press time, Frame's stock was trading at $23.50, up from its opening price of $14. The stock was originally priced at $8.50 to $10, according to sources close to Frame. The IPO took place on February 13. Company executives were not available for comment, citing a legally required period of silence for one month.
Frame is one of only a few document-processing programs for the UNIX platform, competing primarily with Interleaf, of Waltham, Massachusetts. Once bundled with early NeXT machines, Frame remains the only document-creation-and-processing program available for the NeXT.
The company had just announced a version of the program for Windows-based PCs, a move one analyst said substantially improved its market credibility. In that market Frame will compete with Aldus Corporation's PageMaker, as it already does in the Mac market.
The IPO comes at a time when many companies are experiencing slow sales, with some enduring layoffs and cost-cutting measures. The offering was underwritten by San Francisco-based Hambrecht & Quist and Minneapolis-based Wessels Arnold. Frame's stock is traded on over-the-counter markets under the symbol FrmTc.
Frame Technology at a glance
1010 Rincon Circle
San Jose, CA 95131
Year founded: 1986
CEO: Paul Robichaux
No. of employees: 300
1991 revenues: $42 million
IPO stock price: $14