Portfolio Companies In The News

JVP In The News

Press Kit

Press Releases

 
 
May 24, 2004

Israel's PowerDsine files with U.S. SEC for IPO

WASHINGTON, May 24 (Reuters) - Israeli telecommunications company PowerDsine Ltd filed with U.S. regulators on Monday to raise up to $82.8 million in an initial public offering of ordinary stock.

The company said in a Securities and Exchange Commission filing it expected to sell 5.1 million ordinary shares in the IPO. Existing shareholders are to sell another 900,000 ordinary shares, it said, for a total offering of 6 million shares.

It said it expected the public offering price to be between $11 and $13 per share.

Net proceeds from the IPO will be used for research and development activities and for expanding sales and marketing efforts, PowerDsine said in the regulatory filing.

Any additional proceeds will be used for working capital and general corporate purposes, including investments in or acquisitions of complementary businesses, products or technologies, it said.

The company will not receive any proceeds from the sale of ordinary shares by selling shareholders.

PowerDsine was one of the creators of power over Ethernet technology, which allows the delivery of both power and data over a single network cable.

Citigroup, Deutsche Bank Securities, CIBC World Markets and Piper Jaffray will underwrite the company's IPO. PowerDsine has applied for a Nasdaq listing under the ticker symbol "PDSN".