The first public offering of a company is usually a very closely and carefully watched event. Three different inital public offerings today have gone . First Interstate BancSystem, MaxLinear, and Calix Networks all outperformed expectations. The announcement of the National Broadband Plan have helped technology companies Calix and MaxLinear do well. First Interstate is a bank that is using the instant cash of an IPO to improve on their already-strong network.
Calix Networks creates infrastructure equipment
Situated in Petaluma, California, Calix Networks started trading on the NASDAQ exchange today under the ticker symbol CALX. Telephone, television, and internet fiber networks can all be managed using Calix’s technology. CentryTel is one of Calix’s largest customers, and Calix is banking on the National Broadband Prepare to bring in even more customers. Calix got the $200 million for start-up from private equity firms and venture capital investors. Shares of Calix are trading at about $3 a share above estimated IPO prices. Industry analysists say that Calix’s stock price will continue to improve.
Power-saving chips from MaxLinear
Carlsbad, California based MaxLinear also had their IPO today peform well. MaxLinear shares, on the NYSE as MXL, were trading for about $18 a share at last check. MaxLinear designs and manufactures processing chips for mobile and small-scale devices. The battery life of lots of small devices can be extended with MaxLinear’s low-power chips. MaxLinear also raise initial start-up costs with ugh venture capital firms. MaxLinear was probably the most hotly anticipated IPO of the day and estimates were the stock would sell for $11 to $13 apiece, which they quickly surpassed. The chips that MaxLinear designs are used in a wide variety of consumer electronics.
Strong western banking at First Interstate
As an antidote to the high-technology Calix and MaxLinear original public offerings today, the NASDAQ also saw the IPO of a regional bank. Based in the Western U.S., First Interstate BancSystem has branches in Montana, Wyoming, and South Dakota. First Interstate is the first bank to go on the public market since July of 2007, and the stock quickly went to $16 a share. Trading under the symbol FIBK, First Interstate Bank was able to show an improved net interest income and total assets while several other banks were being taken over by the FDIC.
Sources:
The Associated Press
Wall Street Journal
Red Herring
24/7 Wall Street
