Infinera IPO raises $182 million
JUNE 7, 2007 -- An initial public offering from chip-maker Infinera Corp. raised $182 million on Wednesday, above a forecast range.
JUNE 7, 2007 -- An initial public offering (IPO) from Infinera Corp. (search for Infinera) raised $182 million on Wednesday, above a forecast range.
The 14-million-share offering priced at $13 per share compared with a $10 to $12 forecast range, according to an underwriter.
The offering price gives the company an initial market capitalization of about $1 billion.
Based in Sunnyvale, CA, the company plans to use net proceeds from the offering to augment working capital, for general corporate purposes--including to repay credit facilities--and possible acquisitions, according to a filing with the U.S. Securities and Exchange Commission.
The company has built a new class of all-optical computer chips, commonly referred to as "photonic integrated circuits," using light rather than electronics to transmit data. The company has used the chips as the engine for optical transport equipment that creates a "Digital Transport Network" that leverages optical-electical-optical (OEO) conversion.
Underwriters, led by Goldman Sachs, have the option to purchase an additional 2.1 million shares to cover overallotments.
Infinera plans to list its shares on Nasdaq under the symbol "INFN."