Turnstone Systems, Inc. (TSTN) Message Board

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Technology Stocks : Turnstone Systems, Inc. (TSTN)

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To: Kip who wrote (8)	1/29/2000 1:23:00 AM
From: Glenn Petersen	Read Replies (1) of 64

TSTN ups price range to $23 to $25 per share: biz.yahoo.com Friday January 28, 9:46 am Eastern Time Turnstone ups IPO price range to $23-$25 a share WASHINGTON, Jan 28 (Reuters) - Turnstone Systems Inc., whose products enable local exchange carriers to deploy and maintain digital subscriber line services, raised on Friday the price range for its initial stock offering to $23-$25 a share from $15-$17 per share. The company now expects to net about $65.8 million from the sale of three million shares of common stock, according to an amended prospectus filed with the Securities and Exchange Commission. Those funds will be used for general corporate purposes including working capital and capital spending. There will be about 29.3 million shares outstanding in the company after the offering, putting its initial market capitalization at more than $700 million based on a $24 per share initial price. Turnstone, based in Mountain View, Calif., has applied to list its shares on Nasdaq under the symbol (NasdaqNM:TSTN - news) once it goes public. The underwriters, led by Goldman, Sachs & Co., have been granted the option to purchase an extra 450,000 shares in the event of heavy demand.

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