Axcelis accelerates onto
Nasdaq
Turkcell on NYSE; Entegris at bottom of range
By Steve Gelsi,
CBS.MarketWatch.com
Last Update: 8:11 AM ET Jul 11, 2000
NewsWatch
Latest headlines
NEW YORK (CBS.MW) - Axcelis Technologies priced
its 15.5 million shares at the top of its range as the
week’s biggest domestic initial public offering
accelerated onto the Nasdaq on Tuesday.
Also debuting are Entegris, which priced at the bottom
of its range, and a massive overseas deal from Turkcell,
a wireless operator in Turkey.
Meanwhile, the closely watched IPO from Divine
InterVentures (DVIN: news, msgs) is expected to price
Tuesday for trading on Wednesday.
Axcelis
Weighing in at $326 million for its IPO, the Beverly,
Mass.-based company is a profitable maker of ion
implantation equipment used in the fabrication of
semiconductors, a hot segment on Wall Street.
Axcelis (ACLS: news, msgs) has drawn accolades from
IPO watchers, impressed with the involvement of blue
ribbon underwriters Goldman Sachs and Morgan
Stanley, and it role in the booming chip industry.
Another juicy aspect to the deal is that Axcelis posted
earnings of $14.4 million on revenue of $397 million
last year.
Now it’s priced at $22, the top of its $20 to $22 range
in the latest sign of strength.
Axcelis Technologies is a unit of Eaton (ETN: news,
msgs).
David Menlow of IPOfinancial pointed out that Eaton
has been steadily building up Axcelis to a leading
player in its field.
Menlow and Renaissance Capital (IPOSX: news, msgs)
both listed Axcelis as their IPO pick of the week.
“The company has a bumpy history of revenue and
profits but now seems to be clearly focused on making
their numbers reach for the stars,” Menlow said.
“While it does not have an independent operating
history, it has a dominant market share in the
fastest-growing portion of ion implementation systems,”
Renaissance Capital said. |
