Broadband equipment maker Calix prices IPO
Broadband communications equipment maker Calix Inc., formerly known as Calix Networks Inc., priced its initial public offering at the top of its expected range Tuesday night, raising $82 million.
The Petaluma, Calif. company's products enable the delivery of phone, TV and Internet services, primarily through service providers with small networks.
Calix and its shareholders sold 6.3 million shares to initial investors for $13 each, the top of its expected range of $11 to $13, according to a person with knowledge of the deal. The person requested anonymity because details have not yet been publicly released.
Calix had expected to sell 6.3 million shares for $11 to $13 apiece, according to a regulatory filing.
The underwriters were led by Goldman Sachs and Morgan Stanley.
Calix plans to use $25 million of the IPO's net proceeds for research and development, sales and marketing and general and administrative expenses. Another $7 million will be used capital expenditures.
Calix's shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol "CALX."