Next Level files for $125 million IPO
By Steve Gelsi, CBS MarketWatch
Last Update: 4:32 PM ET Aug 27, 1999 Also: Movers & Shakers
NEW YORK (CBS.MW) -- Broadband specialist Next Level Communications filed for an initial public offering Friday in a bid to raise $125 million.
Next Level (NXTV: news, msgs), a unit of General Instruments (GI: news, msgs), is teaming up with Merrill Lynch for the IPO.
The Rohnert, Calif.-based company posted a loss of $75.8 million on $43.8 million in pro forma revenue last year.
About 85 percent of its revenue has come from US West and Bell Atlantic, historically.
General Instrument will own 70 million shares, or 92 percent of the company, according to a filing with the Securities and Exchange Commission.
The company bills itself as the industry leader in developing and supplying a single-access platform for local exchange providers. It supports both narrowband and broadband telecommunications for networks.
Competitors include Advanced Fibre Communications, Alcatel, Cisco Systems, Efficient Networks, Ericsson, Lucent Technologies, Nokia, Nortel Networks, Scientific-Atlanta and Siemens.
The company said it also expects Matsushita Electric Industrial, Microsoft, Network Computer, Philips, STMicroelectronics and Toshiba America to introduce products that compete with its residential gateway offerings in the future. |
