Here's Vixel's IPO......
Monday August 16, 11:53 am Eastern Time
Data storage co. Vixel sets terms of IPO
WASHINGTON, Aug 16 (Reuters) - Vixel Corp., whose software products and services allow data storage devices to connect to one or more computer systems allowing for high-speed data exchange, said Monday it planned to offer 3.7 million common shares in an initial public offering.
The shares may be priced in the $10-12 per share and trade on Nasdaq under the symbol (Nasdaq:VIXL - news), Vixel, based in Bothell, Wash., said in a Securities and Exchange Commission filing.
Estimated net proceeds of $37 million will be used to repay a $2 million promissory note, for general corporate purposes and repayment of other debt, said Vixel, whose solutions are used in storage area networks, designed to interconnect computer systems and data storage devices.
If there is heavy demand for the shares, then underwriters BancBoston Robertson Stephens, Bear Stearns and Needham & Co. have an over-allotment option on 555,000 more shares.
Vixel primarily markets and sells to original equipment manufacturers, or OEMs, which are companies that combine their own products with someone else's and the sells the combination under the OEM's brands. It also sells to resellers.
Sun Microsystems Inc. (Nasdaq:SUNW - news), Compaq Computer Corp. (NYSE:CPQ - news) and Hewlett-Packard Co. (NYSE:HWP - news) accounted for 34.4 percent, 19.8 percent and 11.8 percent, respectively, of Vixel's total revenue for the first six months ended July 4, the filing said.
In fiscal 1998 sales to its two top customers, Sun and HP, represented 54.4 percent and 12.3 percent of total revenue, respectively, said Vixel, which currently derives substantially all of its revenue from sales of entry-level hubs and transceivers.
Vixel's president and chief executive officer is James McCluney, who once held various vice presidential posts at Apple Computer Inc. (Nasdaq:AAPL - news).
The chairman is Gregory Olbright, who founded Vixel and has served as a director since its inception in 1991, the filing said.
--------------------------------------------------------------------------------
More Quotes
and News: Nasdaq:VIXL - news
Apple Computer Inc (Nasdaq:AAPL - news)
Compaq Computer Corp (NYSE:CPQ - news)
Hewlett-Packard Co (NYSE:HWP - news)
Sun Microsystems Inc (Nasdaq:SUNW - news)
Related News Categories: |
