Original public offerings are the birthdays of Wall Street – hotly anticipated and closely watched. Three IPOs on Wall Street today have done better than expected. MaxLinear, Calix Networks, and First Interstate BancSystem all did better than they had expected. Both focusing on internet infrastructure, Calix and MaxLinear are doing well since the announcement of the National Broadband Plan. First Interstate, on the other hand, is a bank that has shown strength within the difficult economy, its IPO is providing instant cash to inject into their growth.
Calix Networks creates infrastructure equipment
Situated in Petaluma, California, Calix Networks started trading on the NASDAQ exchange today under the ticker symbol CALX. Calix specializes in designing and manufacturing equipment for fiber-based networks, including telephone, television and internet. One of Calix’s largest customers is independent service provider CentryTel, and the company is banking on the new National Broadband Plan in advance to help increase sales. Calix got the $200 million for start-up from private equity firms and venture capital investors. The $16 a share price is above and beyond what Calix had estimated for their IPO. Most industry watchers are estimating that Calix will continue to improve its stock price as broadband becomes even a lot more important to national infrastructure.
MaxLinear saves network power
Carlsbad, California based MaxLinear also had their IPO today peform well. On last check, NYSE shares of MaxLinear, on the exchange as MXL, were at $18 a share. MaxLinear is within the business of designing and manufacturing processing chips that go into small mobile devices. MaxLinear claims that the technology it uses saves significant amounts of power, which helps extend battery life. MaxLinear also raise initial start-up costs with quick payday loans through venture capital firms. One of probably the most hotly anticipated IPOs of the day, MaxLinear stocks quickly passed the $13 per stock estimates. The chips that MaxLinear designs are used in a wide variety of consumer electronics.
First Interstate BancSystem
When high technology got most of the headlines today, the NASDAQ also hosted the IPO of First Interstate, a regional bank. First Interstate BancSystem Inc. is a regional banking system with branches in Montana, South Dakota, and Wyoming. Early morning trading sent this bank’s stocks past $16. First Interstate is the first U.S. bank to go public since July of 2007. Trading under the symbol FIBK, First Interstate Bank was able to show an improved net interest income and total assets while lots of other banks were being taken over by the FDIC.
Sources:
The Associated Press
Wall Street Journal
Red Herring
24/7 Wall Street
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