ONI's IPO Price Range Raised
Goldman, Sachs & Co. http://www.gs.com has raised the expected price range of shares in ONI Systems Corp., which is staging an IPO next week. It now says the price will be $21-$23, instead of $14-$16. A total of 8 million shares are being offered.
The higher price range probably reflects the success of yesterday's IPO by New Focus Inc http://www.newfocus.com (NUFO). In the first day's trading yesterday, it price reached $51 - more than double the $20 offer price.
New Focus's success demonstrates that optical networking stocks are bucking the bear market for tech stocks in general.
By Peter Heywood, international editor, Light Reading, http://www.lightreading.com