The purpose of this case is to evaluate the opportunities and challenges the Internet presents for investment banks offering online initial public offerings (IPOs). Information included about Wit Capital, WR Hambrecht & Co., E*Offerings, and other online investment banks and brokerages allows the student to identify and evaluate benefits and risks stemming from online IPOs, including discussions about investors access, issuer access, and pricing. The innovative Dutch auction system used by OpenIPO will illuminate one possible solution to pricing inefficiencies endemic to the traditional IPO process.