hot sector and down market, i took a position today and if the markets recover, this should zoom based on its technology and partners.
from the wsj:
March 14, 2000
RADVision Triples in Trading
Following Israeli Firm's IPO
By RAYMOND HENNESSEY
Dow Jones Newswires
NEW YORK -- Investors continued to think highly of initial public offerings from overseas issuers, with shares of Israel's RADVision Ltd. opening sharply higher in their U.S. market debut Tuesday.
U.K. online travel site Lastminute.com Inc. also traded higher in its U.S. debut (see below).
RADVision, based in Tel Aviv, with offices in Mahwah, N.J., opened at $56, nearly three times its $20 offering price. The shares closed Tuesday at $55.9375, giving the company, with 18 million shares outstanding, a market value of nearly $1.01 billion.
Digitas Shares Move Higher After IPO
Siemens Mulls Selling More Shares After Bullish Debut of Infineon
Price talk on the offering of 3.8 million shares, led by Lehman Brothers Inc., recently was raised to between $18 to $20 a share, from $11 to $13.
RADVision makes products that allow voice, data and video communications over packet networks, including the Internet. The company counts among its customers some of the world's biggest telecommunications and networking companies, including Alcatel SA, Cisco Systems Inc. and Siemens AG.
Like many new issues, RADVision isn't yet profitable. Last year, the company reported a $2.7 million net loss on revenue of $17.6 million. The previous year it lost $829,000 on revenue of $8.9 million.
As part of the offering, Siemens and Samsung Corp. were buying shares at a special price of $17 apiece. Siemens is buying about 1.6 million shares, for a 9% stake, while Samsung is buying one million shares.
RADVision's chairman, Yehuda Zisapel, and his brother, Zohar, are the largest shareholders. Zohar Zisapel owns 2.5 million shares, or a 14% stake. Yehuda Zisapel has 2.4 million shares.
RADVision, which sold ordinary shares in the offering, is one of a flurry of new foreign issuers to tap the U.S. equity markets in recent weeks. Also Tuesday, London-based Lastminute.com priced 6.6 million American depositary receipts at $30.02 apiece, and the shares opened for U.S. trading Tuesday at $41 before dropping to $36 at the close.
The company, which arranges last-minute airline ticketing and hotel reservations, had its offering led by Morgan Stanley Dean Witter.
On Monday, German semiconductor maker Infineon Technologies Inc. closed at $70, more than double its $33.92 offering price. Deutsche Banc Alex. Brown led the offering of 154.2 million ADRs.
Write to Raymond Hennessey at raymond.hennessey@dowjones.com |
