Very quickly, the price of this and other dotcom stocks started heading south, and other high-tech hopefuls found it impossible to get a stockmarketflotation.
It seems to me that the best way of seeing what the investment institutions are proposing is as a short cut to something that's not a million miles from an IPO - since these are exactly the kind of funds that would buy the shares in a stockmarketflotation.
The State Industrial Holdings Company (SEPI), which is responsible for privatisations, cut the price of the shares by 40% ahead of the flotation in an attempt to attract investors made nervous by the global stockmarket slowdown.