Optical News about ONI, the company being sued by Nortel for patent infringement.
Reuters Technology News
ONI Systems IPO Price Range Raised to $21-$23/Share
May 18 11:54am ET
WASHINGTON (Reuters) - ONI Systems Corp., a developer and seller of all-optical
networking equipment designed to reduce bandwidth and service bottlenecks, said on
Thursday the price range for its initial public offering has been raised to $21-$23 per
share from $14-$16.
The company said it would net $162.2 million based on the sale of 8 million shares in
the new price range, according to an amended prospectus filed with the Securities and
Exchange Commission.
ONI plans to use the proceeds for working capital, capital spending as well as other
general corporate purposes. It has applied to list its shares on Nasdaq under the
symbol ``ONIS'' (ONIS.O) once it goes public.
About 123.8 million shares will be outstanding after the IPO, giving ONI an initial
market capitalization of about $2.7 billion, based on a price of $22 per share, the
midpoint of the new price range.
ONI, based in San Jose, Calif., said it sold 1.33 million shares of Series H preferred
stock for $20 million earlier this month to Sun Microsystems Inc. (SUNW.O) in a
private placement, according to the prospectus.
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