Airvana Makes $58M in IPO
The company said late Thursday that it would sell 8.3 million shares priced at $7 a pop, lower than the $8 to $10 range it had originally plotted. (See Airvana Plots $83M IPO.)
The shares, which are being traded under the "AIRV" symbol, had something of a rollercoaster ride Friday. The share price rose by 17 cents -- or 2.43 percent -- during the day. That gain, however, was completely pulled back after hours, falling back to the $7 starting price.
A spokeswoman for the company had no comment on why the firm changed its planned share price.
Like many of the other wireless companies that have gone public recently, however, Airvana is not profitable. In the first quarter of fiscal 2007, which ended April 1, the company reported an operating loss of $21.5 million on revenue of $0.3 million.
By contrast, revenue for all of fiscal 2006 was $170.3 million and the firm made an operating income of $57.1 million.
— Dan Jones, Site Editor, Unstrung