World Online

World Online (WOL) was a European Internet Service Provider (ISP) which came to prominence in the late 1990s dotcom boom.

Founded by Dutch entrepreneur Nina Brink, World Online's name indicated its aspiration to rival the hugely successful American ISP, AOL (America On-Line). The company aimed to provide free internet access across Europe. It launched its full internet service in the Netherlands in 1996, and grew rapidly to have a presence in 15 European countries and South Africa; counting some 1.9 million customers by the year 2000.

Based in Rotterdam, the Netherlands, the company’s principal shareholders included the Swiss-based Sandoz Family Foundation, Dutch mobile provider Telfort, Reggeborgh Beheer (an investment company) and Intel.

WOL's IPO in 2000 proved a disaster and left the reputations of the banks, the Amsterdam stock exchange and the company itself tarnished.

It was set to be officially listed on the on March 17, 2000. It was underwritten by ABN AMRO and Goldman Sachs, and promoted via a pan-European ad campaign involving hired celebrities like royal Sarah, Duchess of York, actor Christopher Reeve, and rocker Joe Cocker.

The initial price of the stock was set at €43, giving the company a valuation of €12 billion — the largest ever IPO for the Amsterdam exchange, and the largest IPO of 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.

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