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Technology Stocks : ONI Systems Corp. (ONIS) -- Ignore unavailable to you. Want to Upgrade?

To: Jack Hartmann who wrote (5)	4/26/2000 11:27:00 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 227

ONIS has set the initial terms for its IPO. This one will do well, regardless of market conditions. biz.yahoo.com Wednesday April 26, 6:50 pm Eastern Time ONI Systems IPO set at 8 mln shares, $14-$16/shr WASHINGTON, April 26 (Reuters) - ONI Systems Corp. said on Wednesday it plans to sell eight million shares of common stock for between $14-$16 a share in its previously announced initial public offering. The company, which develops and sells all-optical networking equipment that is designed to reduce bandwidth and service bottlenecks, said it would net about $110.1 million based on those terms, according to an amended prospectus filed with the Securities and Exchange Commission. ONI Systems plans to use the proceeds for general corporate purposes, including working capital, capital spending and potential acquisitions or investments. About 122.4 million shares will be outstanding in the company after the offering, giving it an initial market capitalisation of about $1.8 billion based on a $15 per share initial price, the midpoint of the set range. The company agreed last month to sell $4 million worth of common stock at the IPO price to Internet Initiative Japan Inc. in a private placement, according to the filing. The underwriters, Goldman, Sachs & Co., Banc of America Securities LLC, Chase H&Q and Robertson Stephens, have been given the option to buy an extra 1.2 million shares to cover over-allotments in the event of heavy demand. The San Jose, Calif.-based company will seek to list its shares on Nasdaq under the symbol ``ONSI'' (Nasdaq:ONSI - news) once it goes public.