The first public offering of a company is usually a very closely and carefully watched event. Three different inital public offerings today have gone . MaxLinear, Calix Networks, and First Interstate BancSystem all did better than they had expected. The announcement of the National Broadband Plan have helped technology companies Calix and MaxLinear do well. One of the few banks that has shown strength in the difficult economy, First Interstate is using the IPO to create instant money for their growth.
Internet infrastructure by Calix
Calix Networks is based in California and began trading with the symbol CALX on the NASDAQ exchange today. Telephone, television, and internet fiber networks can all be managed using Calix’s technology. Calix already has a large customer base, including CentryTel. 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 produces power-saving chips
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. The battery life of quite a few small devices could be extended with MaxLinear’s low-power chips. Venture capital firms provided the quick payday loans that covered start-up costs for MaxLinear. One of probably the most hotly anticipated IPOs of the day, MaxLinear stocks quickly passed the $13 per stock estimates. MaxLinear chips are used in a wide variety of cell phones, hand-held devices, televisions and consumer electronics.
First Interstate BancSystem IPO
When high technology got many of the headlines today, the NASDAQ also hosted the IPO of First Interstate, 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 numerous other banks were being taken over by the FDIC.
Sources:
The Associated Press
Wall Street Journal
Red Herring
24/7 Wall Street
