CoSine Ups IPO Price Range
Goldman Sachs & Co. (NYSE: GS) has raised the expected price of shares for the initial public offering of CoSine Communications Inc. to $15-$17 from $13-$15. A total of 10 million shares are being offered, with the potential to raise as much as $160 million for the company. CoSine makes virtual private network (VPN) services equipment, and it is expected to debut the week of September 25th.
The increase in share price is a good sign that investors are confident in CoSine’s ability to perform, despite nearly a five-month wait since the company filed for its IPO. The long wait may have been related to a complicated S-1 filing that included all of CoSine's customers as investors, as well as the general uncertainty about market conditions during the summer (see Cosine IPO: Still On Hold).
-- Marguerite Reardon, senior editor, Light Reading, http://www.lightreading.com