|Moderated By: SecularBull -- (Not Moderated) -- Started: 1/28/2000 5:44:00 PM Revision History|
The purpose of this thread is to discuss Interwave Communications International (NASAQ:IWAV), which went public on January 28, 2000.
See the following press report for more information:
Friday January 28 1:49 PM ET
InterWAVE Rides IPO Momentum
NEW YORK (Reuters) - InterWAVE Communications International Ltd. (NasdaqNM:IWAV - news), which makes compact wireless systems for voice and data communications, climbed more than 100 percent as it joined other initial public offerings hitting Wall Street on Friday.
Shares of the Bermuda-based company were last up 16 at 29 on the Nasdaq after its $13 a share IPO raised $110.5 million through lead underwriter Salomon Smith Barney.
The deal represented a 19 percent stake in the company. It had initially planned on offering 7.5 million shares in a range of $8-10.
``The wireless communications industry is hot, others have done extremely well,' said John Fitzgibbon of Redherring.com. 'The company seems to be pretty solid. There is a lot of demand for the stock.'
InterWAVE has an alliance with Nortel Networks Corp. (Toronto:NT.TO - news), who is a principal shareholders. Hutchinson Whampoa Ltd. (0013.HK) is also a shareholder.
Competitors include Ericsson (LMEb.ST) (NasdaqNM:ERICY - news), Lucent Technologies Inc. (NYSE:LU - news) and Siemens (SIEGn.DE).
The company's system, or ``network in a box,' is positioned as an option to traditional telephone networks for companies with multiple locations and it is also effective for reaching employees ``in the field,' according to Irv DeGraw, research director at WorldFinanceNet.com.
According to International Data Corporation, the worldwide wireless market is expected to grow from 303 million users in 1998 to approximately 1.1 billion by 2003.
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