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Technology Stocks : Efficient Networks Inc - (Nasdaq- EFNT)
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To: coug who wrote (39)7/15/1999 3:24:00 PM
From: $Mogul  Read Replies (1) of 675
 
Efficient Networks IPO Shrs Triple Price In Nasdaq Debut

NEW YORK (Dow Jones)--Shares of Efficient Networks Inc. (EFNT) tripled in value
Thursday in an initial public offering on the Nasdaq Stock Market.

The Dallas company, which makes parts for high-speed Internet access systems, raised
$60 million through the sale of 4 million shares.

The stock priced late Wednesday at $15, the high end of the anticipated price range of
$13 to $15, and opened Thursday at 46 1/2.

Aftermarket demand has pushed the stock as high as 50 1/4. It traded recently at 47 1/2
on heavy volume of 5 million.

Strong pre-pricing demand by institutional investors allowed the company to increase the
range from $10 to $12 hours before the shares were priced.

Efficient Networks makes equipment for digital subscriber lines, which provide low-cost,
high-speed Internet access via existing copper wire lines.

Internet infrastructure companies, particularly those related to DSL technology, have
emerged as one of the most successful sectors for IPOs this year. Redback Networks
Inc. (RBAK), for example, sold 2.3 million shares at $23 each in May and traded recently
at 175 9/16. And Copper Mountain Networks Inc. (CMTN) priced 4 million shares at $21
also in May. The stock traded recently at 102 3/4.

Analysts say new issues investors have gravitated toward more mundane infrastructure
companies on the belief that companies that make the Internet run are a safer bet than
so-called concept companies looking for a niche in the wide-open Internet marketplace.

With 36.2 million shares outstanding, Efficient Networks had a market capitalization of
$1.7 billion at the latest stock price.

The company said it will use the proceeds for general corporate purposes. - Dunstan
Prial; 201-938-5354

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