Technology stocks are up 40% since January. Corporate spending on computer equipment is on the mend. And on Sept. 23, Pocatello (Idaho)-based semiconductor chip-maker Amis Holdings raised $600 million in the biggest tech initial public offering since hard-drive maker Seagate Technology was listed almost a year ago. But if there are any investors who still think the days of eye-popping tech IPOs will return some day, they're likely to be disappointed. As the trial of ex-Credit Suisse First Boston star tech banker Frank Quattrone begins―he goes to court on Sept. 29, on obstruction- of-justice charges he denies―industry observers from Wall Street to Silicon Valley say tech banking's Wild West days are gone. From now on, the first-day returns on most tech offerings are expected to stay closer to earth, 35% on average―a far cry from the heady days of 1999, when IPOs shot up as high as 700%. Indeed, Amis's offering rose a modest 0.5% in its first day of trading.
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