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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here
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To: VIXandMore who wrote (3472)5/4/1999 10:26:00 PM
From: MikeM54321  Read Replies (1) of 12823
 
Re: NorthPoint IPO (sym:NPNT)

Bill,
Did you form any opinions after reviewing the prospectus? Here's the news release of their IPO. From a cursory look, appears a lot like Covad Communications (sym:COVD).
MikeM(From Florida)
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NorthPoint Raised IPO Stock Price

WASHINGTON, May 4 (Reuters) - High speed Internet access provider NorthPoint Communications Inc. said Tuesday it raised the amount of stock it would offer in its first-ever sale to the public to 15 million common shares from 13 million.

In an amended initial public offering filing with the Securities and Exchange Commission, the San Francisco, Calif.,-based company said it also raised its estimated initial stock price to between $22 and $24 per share from a range of $16.50 to $19.50 per share.

NorthPoint has been approved for trading on Nasdaq under the stock symbol "NPNT" and is expected to begin trading on May 5.

Software giant Microsoft Corp. MSFT might invest up to $30 million in its estimated $345 million initial stock offer. The $30 million would represent 1,304,348 common shares at the mid-point of the offering range.

After the offer, outstanding common would total 121,041,144 shares and the public sale would represent roughly 12 percent of the outstanding.

NorthPoint also granted the underwriters an over-allotment option to purchase up to 2.25 million additional common shares, up from the previous allocation of 1.95 million. The offering was being made through Goldman Sachs & Co., Morgan Stanley Dean Witter and Credit Suisse First Boston.

Net proceeds were to be used to continue building networks, with the remainder going toward increasing working capital and for general corporate purposes.


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