Calix Stock Leaps on NYSE Debut
The equipment vendor priced its shares at $13, the top end of its $11-to-$13 proposed range, and then saw its share price soar as high as $18, a rise of more than 38 percent.
That peak didn't last long, though, and the price settled down to $15.95 later in the morning.
The company placed just more than 6.3 million shares (4.17 million company shares and 2.16 million from existing shareholders), raising $54 million for the vendor and $28 million for the stockholders.
Calix had been groomed for an IPO since about 2004 (or "since the dawn of time," whichever you prefer) and finally announced its intention to list its stock in November last year, when it revealed revenues of $144.6 million and a net loss of $28.3 million for the first nine months of 2009. (See Calix Files for an IPO.)
With the money markets showing signs of renewed health, other communications systems companies are following Calix down the IPO route. (See Force10 Files for an IPO, Broadsoft Files for IPO, and Meru Files for IPO.)
— Ray Le Maistre, International Managing Editor, Light Reading