Filing - Jan. 27th:
Thursday January 27, 9:22 pm Eastern Time
ArrowPoint Communications seeks $86.25 mln in IPO
WASHINGTON, Jan 27 (Reuters) - ArrowPoint Communications Inc., provider of Internet switches that enhance the performance and security of websites, filed on Thursday to raise as much as $86.25 million in an initial public offering.
The company, based in Acton, Mass., said its switches route requests for content or transactions to the network server that is best able to handle the request at that moment, according to a preliminary prospectus filed with the Securities and Exchange Commission.
ArrowPoint did not disclose in its filing how many shares it plans to sell or the projected range per share, information that will likely come in subsequent filings.
The firm had about $12.3 million in revenue and $12.6 million in net losses in 1999, the filing showed.
The company said it plans to use the net proceeds from the offering for general corporate purposes, including funding operations, expanding sales and marketing, product development and working capital.
Chin-Cheng Wu, 49, founded the company and has been its chief executive officer since April 1997.
The $86.25 million figure in the IPO filing was merely a basis for calculating the SEC registration fee, the company said. It has applied to sell its shares on Nasdaq under the symbol ``ARPT' (NasdaqSC:ARPT - news) once it goes public.
The underwriters include Goldman, Sachs & Co., Deutsche Banc Alex. Brown and J.P. Morgan Co. |
