A new spate of share listings by Internet companies is set to test US stock markets during the first quarter of 1999, as debate still rages on Wall Street about the high valuations achieved by online stocks.

According to Securities Data Company, 14 Internet initial public offerings (IPO) and secondary offerings are registered with the Securities and Exchange Commission. They will likely reach the market this month or next.

A number of these companies are expected to generate strong demand despite concern that many Internet stocks are overvalued because of narrow share bases, slight revenue bases and non-existent profits.

Investor demand for online shares remains high. Many leading companies, such as Amazon.com, Yahoo! and America Online remain at or near all-time trading highs. The trend is expected to draw more private companies - that shelved IPO plans due to market volatility only a few months ago - into the public markets. "It's going to be strong, especially in the Internet sector," said Mr Steven Tuen, director of research at IPO Value Monitor. "The (recent) momentum is going to carry over at least into January."

iVillage, an online community chat service, run from New York City, is expected to launch in early February through underwriter Goldman Sachs.

An earlier planned IPO for iVillage was postponed, but the offering is now expected to raise about $40 million (33.10 million). Although small, the company is considered a leader in providing content and links targeted mainly at women. It has a core audience that is 84 per cent female.

Marketwatch.com is another eagerly awaited IPO. Formed in late 1997 and 50 per cent owned by broadcaster CBS, the company provides business and financial news to online subscribers. The issue of 2.75 million shares could be priced by the second week in January, with an expected offer price range of $10 to $12 a share.