With cash in pockets, JPSnet is set to move.

The stock market has watched one eye-popping price tag after another put on Internet companies over the last two years. And two weeks ago, eyes were popping at Sacramento's largest Internet service provider, JPSnet Corp.

JPSnet was one of 17 regional Internet providers who threw their lot in with a new company, OneMain.com Inc. OneMain's initial public offering stunned the market by going for $22 a share, raising $187 million - a record for an Internet stock.

It was a record, that is, until six days later when another Internet company raised $190 million - only to be eclipsed this week when yet another Internet offering went off at $197 million.

For JPSnet, OneMain's IPO means big things.

In one fell swoop the 4-year-old company's long-term debt of $830,952 has been erased. JPSnet now has access to its parent company's $75 million in expansion capital. It will build a …