Avici files for $115 million IPO
Net router maker counts Nortel as investor
By Steve Gelsi, CBS MarketWatch
Last Update: 5:51 PM ET May 18, 2000 New! IPOWatch section
Net Stocks
NEW YORK (CBS.MW) -- Internet equipment maker Avici filed to raise $115 million in an initial public offering on Thursday.
The North Billerica, Mass.-based company sells a 40-slot terabit switch router, which helps handle Web traffic.
Morgan Stanley Dean Witter is lead underwriter on the deal. It's applying for use of the ticker AVCI on the Nasdaq.
The company lost $16.4 million in the first quarter of this year, up from a loss of $9.9 million in the year-ago period, according to its filing with the Securities and Exchange Commission.
Competitors include Cisco (CSCO: news, msgs), Juniper (JNPR: news, msgs) and Lucent (LU: news, msgs).
Shareholders in the company include Nortel Networks (NT: news, msgs), Accel Partners, Brentwood Venture Capital and Oak Investment Partners.
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Haven't seen pricing info yet.
Jack |
