Paul and INTC Investors - Another IPO in Intel's portfolio :ITXC
Internet based voice services and fax outfit to raise $86 million. Intel reportedly has a 11.8% stake in this puppy.
biz.yahoo.com
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ITXC Corp. files for $86 mln IPO
WASHINGTON, June 10 (Reuters) - ITXC Corp., a provider of Internet-based voice, fax and voice services, said Thursday it planned to raise about $86 million through an initial public offering of common stock.
The company, based in Princeton, N.J., did not disclose the number of shares in the offering or provide an estimated price range for them in its filing with the Securities and Exchange Commission.
The shares, expected to trade on Nasdaq under the symbol (Nasdaq:ITXC - news), are being offered in the United States and internationally. The underwriters are Lehman Brothers, CIBC World Markets and First Analysis Securities Corp.
Net proceeds from the IPO will be used to repay debt, expand ITXC's network hubs and for general corporate purposes.
Major shareholders include Chief Executive Officer Tom Evslin, who holds 25.6 percent.
Evslin previously worked at AT&T Corp. (NYSE:T - news) where he designed its Internet strategy and launched and ran its Internet service provider, AT&T WorldNet Service, the filing said. Prior to that he was a general manager at Microsoft Corp. (Nasdaq:MSFT - news).
Another large ITXC shareholder is Intel Corp. (Nasdaq:INTC - news), the big computer chip maker, which holds 11.8 percent. |
