Looks solid - revs. of $20M year.
January 28, 2000 1:24pm
Interwave, L90 jump in IPOs
By Tiffany Kary ZDII
InterWAVE (Nasdaq: IWAV), a provider of equipment for wireless GSM communications, moved up 24 to 37 Friday after it priced 8.5 million shares for its initial public offering.
The original offering was for 7.5 million shares at $8 to $10 each.
The Hamilton, Bermuda-based company sells infrastructure equipment and software to support wireless networks within a single building.
"This is on our hot list," said David Menlow of IPOfinancial.com, who named it as one of the three most promising IPOs this week, including Extensity (Nasdaq: EXTN) and Turnstone (Nasdaq: TSTN). "Nortel is a 24 percent owner; that's an incredible start," he said.
Salomon Smith Barney is the lead underwriter and Banc of America Securities LLC and SG Cowen are co-managers.
Net revenue for the three months ended September 30 was $5.4 million, compared to $4.5 million in 1998's comparable period. Net loss was $11.5 million, compared to $5 million in the 1998 quarter.
The company said it currently competes against communications equipment providers such as Ericsson (Nasdaq: ERICY), Lucent (NYSE: LU), Motorola (NYSE: MOT), Nokia (NYSE: NOK) and Siemens in the GSM, CDMA, TDMA, DECT and wireless local loop markets. In some market applications, it also competes with customers Alcatel (NYSE: ALA) and Nortel Networks (NYSE: NT). |
