WASHINGTON, March 1 (Reuters) - StorageNetworks Inc., a
provider of data storage services, on Wednesday filed an
initial public offering with regulators for $270 million.
In a preliminary prospectus filed with the Securities and
Exchange Commission, the Waltham, Mass.-based company did not
specify the number of common shares to be offered or the
per-share price. Those details are expected later.
StorageNetworks said it plans to use the proceeds from the
IPO for general corporate purposes including working capital
and capital expenditures.
The company, incorporated in August 1998, provides a global
data storage network through which a computer can be connected
and virtually unlimited data stored economically and securely, the filing said. The firm said it is building and expanding a fiber optic
network which connects its "Storage Point of Presence (S-POP)" facility into major metropolitan areas. Data can be accessed through the S-POP 24 hours a day.
In 1999, the company had total revenues of about $6.3
million and reported net losses of $22.6 million, the filing
said. Goldman Sachs Group Inc. GS.N holds a 14.5 percent stake
in StorageNetworks prior to the offering while Dell Computer
Corp. DELL.O holds a 6.6 percent stake, the filing showed.
The firm has applied to trade the shares on Nasdaq under
the symbol "STOR" STOR.O once it goes public.
The lead underwriter is Goldman, Sachs & Co. The others are Credit Suisse First Boston, Thomas Weisel Partners LLC and Wit SoundView.
REUTERS
Rtr 19:35 03-01-00 |
