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Technology Stocks : ONI Systems Corp. (ONIS)

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To: Glenn Petersen who wrote ()	5/18/2000 12:07:00 PM
From: tpboxster	of 227

ONI raises range to 21-23 from 14-16 Thursday May 18 11:54 AM ET ONI Systems IPO Price Range Raised to $21-$23/Share WASHINGTON (Reuters) - ONI Systems Corp., a developer and seller of all-optical networking equipment designed to reduce bandwidth and service bottlenecks, said on Thursday the price range for its initial public offering has been raised to $21-$23 per share from $14-$16. The company said it would net $162.2 million based on the sale of 8 million shares in the new price range, according to an amended prospectus filed with the Securities and Exchange Commission. ONI plans to use the proceeds for working capital, capital spending as well as other general corporate purposes. It has applied to list its shares on Nasdaq under the symbol ``ONIS'' (Nasdaq:ONIS - news) once it goes public. About 123.8 million shares will be outstanding after the IPO, giving ONI an initial market capitalization of about $2.7 billion, based on a price of $22 per share, the midpoint of the new price range. ONI, based in San Jose, Calif., said it sold 1.33 million shares of Series H preferred stock for $20 million earlier this month to Sun Microsystems Inc. (NasdaqNM:SUNW - news) in a private placement, according to the prospectus.

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