O-Net Communications IPO a hit

APRIL 29, 2010 By Stephen Hardy -- Against the backdrop of an overall decline on the day for stocks on The Stock Exchange of Hong Kong (SEHK), investors welcomed the IPO of Chinese optical technology vendor O-Net Communications. The new stock gained 38% by the close of the first day of trading.

The initial offering price was set at HK$2.90, the top end of the price range O-Net announced April 18. The stock’s priced closed at HK$3.99.

The IPO included a total of 193,000,000 shares according to Bloomberg Businessweek, of which 90% were made available yesterday. The remaining 10% was offered to the public in Hong Kong between April 19 and 22.

O-Net Communications supplies passive optical networking subcomponents, components, modules, and subsystems to an international customer base that includes Alcatel-Lucent and Huawei as well as the contract manufacturers for Ciena and Infinera, it says.

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