Love the symbol ISPD - may be worth a try. Interspeed Commences Initial Public Offering 2,000,000 Shares Sold at $12
NORTH ANDOVER, Mass., Sept. 24 /PRNewswire/ -- Interspeed, Inc. (Nasdaq: ISPD - news) today announced it has commenced trading of its common stock in its initial public offering (IPO). The Company will raise approximately $20.5 million of net proceeds in an initial sale of 2 million shares of common stock, priced at $12 per share.
''We are very pleased with the results of the IPO,'' said Steve Ide, president of Interspeed. ''As a publicly traded company, Interspeed is now well-positioned to utilize its improved financial strength to compete more effectively in the DSL marketplace.''
Interspeed, formerly a wholly owned subsidiary of Brooktrout, Inc. (Nasdaq: BRKT - news), filed a registration statement with the Securities and Exchange Commission for the initial public offering on June 18, 1999. In addition to the 2 million primary shares offered by Interspeed, Brooktrout, Inc., its principal stockholder, sold 1.5 million secondary shares. The offering was managed by U.S. Bancorp Piper Jaffray, Inc., Warburg Dillon Read LLC, Tucker Anthony Clearly Gull, and DLJdirect. Interspeed will trade under the symbol ''ISPD'' on the Nasdaq Stock Market.
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