When a company has an initial public offering, Wall Street tends to watch very carefully. Three different inital public offerings today have gone well. First Interstate BancSystem, MaxLinear, and Calix Networks all outperformed expectations. Both focusing on internet infrastructure, Calix and MaxLinear are doing well since the announcement of the National Broadband Plan. First Interstate is a bank that is using the instant cash of an IPO to improve on their already-strong network.
Internet infrastructure by Calix
Calix Networks is situated in California and began trading with the symbol CALX on the NASDAQ exchange today. Calix specializes in designing and manufacturing equipment for fiber-based networks, including telephone, television and internet. CentryTel is one of Calix’s largest customers, and Calix is banking on the National Broadband Plan to bring in even a lot 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
The MaxLinear IPO today also went very 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. The battery life of several small devices can be extended with MaxLinear’s low-power chips. Like Calix, MaxLinear raised original start-up costs through quick payday loans from venture capital firms. One of probably the most hotly anticipated IPOs of the day, MaxLinear stocks quickly passed the $13 per stock estimates. The chips that MaxLinear designs are used in a wide variety of consumer electronics.
First Interstate BancSystem IPO
While high technology got the majority of the headlines today, the NASDAQ also hosted the IPO of First Interstate, a regional bank. With branches in Wyoming, Montana, and South Dakota, First Interstate is a regional banking system based in the West. 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 numerous other banks were being taken over by the FDIC.
Sources:
The Associated Press
Wall Street Journal
Red Herring
24/7 Wall Street
