Communication engineering services firm TeleCommunications Systems (Nasdaq: TSYS) closed up 8, or 47 percent, to 25 in its initial public offering Tuesday.
The 4.7 million-share offering priced at the top of its original $15-17 range.
The company develops applications for wireless delivery of Internet content, and the US government accounts for around 65 percent of the company's sales. For 1999, the company had $1.3 million in losses on sales of $45.8 million.
Lead underwriter for the deal is Chase H&Q and co-managers are DB Alex Brown and Salomon Smith Barney.
The contract manufacturer of wireless and optical systems is run by former employees of IBM (NYSE: IBM), which accounts for 37 percent of Pemstar's sales.
For the year ended March 31, the company had a net income of $2.7 million on net sales of $393.8 million, as opposed to an income of $1.7 million on net sales of $187.4 million for the same period in 1999.
Competitors include Solectron (NYSE: SLR) , SCI Systems (NYSE: SCI) and Celestica (NYSE: CLS), according to Hoover's Online.
Lead underwriter for the deal is Lehman Brothers. Co-managers include Robertson Stephens and Chase H&Q.
The Israeli company provides software for Internet telephony billing/customer care.
Lead underwriter for the deal is Lehman Brothers. Co-managers are USB Piper Jaffray and CIBC World Markets.
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