When a company has an initial public offering, Wall Street tends to watch very carefully. Today, three separate company IPOs have gone very well. First Interstate BancSystem, MaxLinear, and Calix Networks all outperformed expectations. Calix and MaxLinear are both companies focused on internet infrastructure and are doing very well on the talk of the National Broadband Plan. 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.
Calix Networks creates infrastructure equipment
Calix Networks began trading on the NASDAQ today under the symbol CALX. Calix is located in Pealuma, California. Calyx designs and manufactures equipment that manages telephone, television, and internet fiber networks. 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. While Calix had assumed an IPO stock price of about $13, shares are currently trading for about $16. Industry analysists say that Calix’s stock price will continue to improve.
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 designs and manufactures processing chips for mobile and small-scale devices. MaxLinear claims how the technology it uses saves significant amounts of power, which helps extend battery life. MaxLinear also raise first start-up costs with ugh venture capital firms. MaxLinear was one of 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.
First Interstate BancSystem
As an antidote to the high-technology Calix and MaxLinear first public offerings today, the NASDAQ also saw the IPO of a regional bank. First Interstate BancSystem Inc. is a regional banking system with branches in Montana, South Dakota, and Wyoming. The first U.S. bank to go public since July of 2007, First Interstate’s stock price went from $14.50 a share to $16 in morning trading. Trading under the symbol FIBK, First Interstate Bank was able to show an improved net interest income and total assets when a lot of other banks were being taken over by the FDIC.
Sources:
The Associated Press
Wall Street Journal
Red Herring
24/7 Wall Street
