STEC--"Simple Technology is no oxymoron. The company specializes in memory products, including DRAM (dynamic random-access memory), SRAM (static random-access memory), and flash memories. Its memories are used in products such as PCs and laptop computers, networking equipment, medical instrumentation, and digital cameras. Its Aftermarket Division (three-quarters of sales) mainly sells upgrades through distributors (Avnet), resellers (PC Service Source), and retailers (Best Buy). Its OEM Division sells memories for new systems to such manufacturers as Dell, Motorola, and Xerox. Primary shareholders include co-founders and brothers Manouch (CEO), Mike (president), and Mark (COO) Moshayedi."
For the 6 months ended 6/30/00, net revenues rose 59% to $132.6M. Proforma net income totaled $7M, up from $1M.
Date went public: Sep 29, 2000
Filing Date: Mar 15, 2000
Proposed offer price: $10.00 to $12.00
Actual offer price: $11.00
First day open: $11.50
First day close: $9.69
Shares offered (mil.): 6.36
Offering amount (mil.): $70.0
Post-offering shares (mil.): 37.0
Underwriters:
Lehman Brothers Incorporated
Banc of America Securities LLC
Fidelity Capital Markets
Price 7 9/16, Float 6.4M, Shares outstanding 37M, MCAP 279.6M
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