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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: George Dawson who wrote (24507)	10/27/1999 8:57:00 AM
From: Nine_USA	Respond to of 29386

JNI, an Ancor OEM, to IPO Doug Nordgren thinks JNI will be in high demand Message 11716362 _______________________________________________________________ NewsTraders.com)-- JNI Corp., a maker of products that connect servers and data storage devices, has increased the price range for stock in its upcoming IPO to $15-to-$17, up from between $12 and $14 apiece. JNI still plans to put up 2.8 million common shares in the offering, while JNI parent company Jaymark Inc., a privately held holding company, intends to lay down 2.1 million shares, for a total sale of 4.9 million shares. With the price-zone boost, net proceeds expected from the stock sale jumped to $40.6 million from $32.8 million. JNI plans to use the funds to repay debt and for working capital and general corporate purposes, according to an amended filing released after market close yesterday. JNI's potential market capitalization also rose to $348.5 million, an increase of $65.5 million from the earlier estimate. JNI designs fibre channel hardware and software products that provide connections to create storage area networks. The company's fibre channels allow for high-speed data transmission while facilitating the storage of networked data. After the stock deal, Jaymark will hold a 71.2% stake in JNI and networking company Adaptec Inc. (ADPT) will carry a 9.1% stake. JNI's revenues for the nine months ended Sept. 30 increased to $25.8 million from $6.9 million for the same period last year. Net income for the first three quarters of 1999 increased to $2.2 million from a loss of $169,000 in the year-ago timeframe. Headquartered in San Diego, JNI can be found online at www.jni.com. IPO Expectations: Price per share: $15 to $17 Shares being offered: 2,800,000 common by JNI; 2,100,000 common by Jaymark Inc. Shares to be outstanding: 21,782,895 common Company location: San Diego, Calif. Exchange/Symbol: Nasdaq/JNIC Underwriter(s): Donaldson Lufkin Jenrette; Bear Stearns Co.; Hambrecht Quist; DLJDirect Inc. Copyright 1999 NewsTraders Inc. All Rights Reserved 15:29 Tuesday, October 26, 1999