From Light Reading:
Infinera Goes Out – And Up
JUNE 07, 2007
Shares in optical gear vendor Infinera Corp. began trading today at $16 a share and soon climbed more than 20 percent. That debut price was even higher than the already raised IPO price, which went to $13 from a range of $10 to $12 this morning.
Infinera, which makes a highly integrated DWDM platform, offered a total of 14 million shares. After underwriting expenses, net proceeds from the offering were expected to be approximately $165.2 million. (See Infinera Prices IPO, Infinera Builds in Q1, To Infinera & Beyond!, and IPO Alert: Infinera Files Its S-1.)
Goldman Sachs & Co. , Citigroup , J.P. Morgan Chase & Co. , Lehman Brothers , and Thomas Weisel Partners served as underwriters on the IPO. In addition to the 14 million shares Infinera issued, an additional 2.1 million shares went to underwriting companies.
The $13 offer price gave Infinera a market capitalization of approximately $1.1 billion, although early interest in the company is forcing that much higher. On heavy initial volume, shares of the company traded as high as $21.24 in early trading. By mid-afternoon shares had settled above $19, which would place its market cap closer to $1.5 billion.
|
