Communications firms step up IPO plans
Activity for initial public offerings in the communications sector heats up as two companies file to sell shares and a third raises the price at which it hopes to sell.
Accelerated Networks, scheduled to begin trading on the Nasdaq tomorrow, increased its initial public offering by 18 percent today, upping the amount it hopes to raise to $52 million from an estimated $44 million.
The Moorpark, Calif.-based company will sell 4 million shares tonight at a range of $11 to $13 through Credit Suisse First Boston, up from an earlier price range of $9 to $11.
"Broadband is one of the select markets doing well," said Jeff Hirsckorn, senior market analyst with IPO.com. "(Accelerated Networks), their technology is really advanced."
Accelerated Networks' products allow telecommunications customers to send bundled voice and data services over a single broadband network.
Meanwhile, Cidera and Equinix filed for initial public stock sales today with the Securities and Exchange Commission.
Cidera, which broadcasts streaming media, Web sites and other Internet content via satellite, plans to raise $51.8 million in its IPO. The Laurel, Md.-based company filed to sell 5.75 million shares, priced between $9 and $11 per share.
Cidera has applied to trade its shares on Nasdaq under the symbol "CIDR." Credit Suisse First Boston is the lead underwriter.
Equinix also filed for an initial public stock sale today, registering with the SEC to raise up to $184.2 million through the sale of 12.5 million shares in a projected range of $15 to $17 per share.
Redwood City, Calif.-based Equinix plans to use part of the money to design and build more Internet business exchange centers, places where Internet businesses place their equipment and network facilities in order to interconnect with each other.
Equinix has applied to trade its shares on the Nasdaq under the symbol "EQIX." Morgan Stanley will lead the sale.