Tuesday August 17, 6:21 pm Eastern Time
Foundry Networks to offer IPO at $14-$16/shr
WASHINGTON, Aug 17 (Reuters) - Foundry Networks Inc. plans an initial public offering of five
million common shares at a price estimated at $14-$16 per share, the company said in a
Securities and Exchange Commission filing on Tuesday.
The Sunnyvale, Calif.-based company designs and sells various high-performance computer
networking systems to companies and Internet providers.
The IPO will be managed by Deutsche Banc Alex. Brown; Merrill Lynch & Co.; and J.P. Morgan
& Co.. The firms would receive an overallotment of 750,000 shares, the SEC filing said.
The company, which had $3 million in net income during the first six months of this year, is tentatively expected to go public during
the week of Sept. 27, according to Deutsche Banc Alex. Brown.
The company plans to use proceeds of about $69 million for marketing, sales, research and development, customer support, and
leasing more facilities, according to the filing. |
