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CacheFlow boosts IPO price range

The Internet company raises its pricing range 53.8 percent as it faces strong investor demand.

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Internet company CacheFlow today raised its pricing range 53.8 percent as it faces strong investor demand.

The company, which markets appliances designed to accelerate the delivery of information on the Internet, increased its range to $18 to $20 a share, up from its previous range of $11 to $13.

CacheFlow, based on the high end of the increased range, will raise up to $100 million in capital with the 5 million shares to be offered.

Jeff Hirschkorn, senior analyst for IPO.com., said CacheFlow is in the hot market of Internet services.

CacheFlow is expected to price tomorrow and begin trading Friday under the ticker "CFLO." Morgan Stanley is the lead underwriter.

The company's customers include Delta Airlines and Xerox, which helped generate $3.6 million in revenues for the three-month period ending July 31, compared with $809,000 for the same period a year ago. CacheFlow posted a loss of $6.6 million in the period, compared with a loss of $2.3 million a year earlier.

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