Feeds

Voltaire ponders $100m IPO

The IB switch guys. Enlightenment reformist doesn't need the cash

Top three mobile application threats

Israel-based switch maker Voltaire told US federal regulators today it plans to raise up to $100m in an initial public offering.

Out of the 7.7 million ordinary shares the company plans to sell, 5.8 million will be offered by Voltaire. The remaining 1.9 million shares will be sold by a group of shareholders. Voltaire has applied to trade under the ticker symbol "VOLT."

Voltaire told the Securities and Exchange Commission it came up with the $100m figure based on a midpoint estimated price range of $13 a share. Using the midpoint estimate, Voltaire expects to raise $67.5 from its portion of the IPO after expenses. The company will not receive any proceeds from the sale of shares from selling stockholders.

The company expects to retain about 20.5m shares after the offering.

Voltaire plans to use the proceeds from the sale to repay in full a $5m loan, and the usual gamut of research and development funding, business and marketing activities and working capital. Voltaire also speculated it could use some of the money to acquire or invest in complimentary companies or technology, but the company doesn't have any acquisitions or investments planned.

For the three months ended March 31, Voltaire reported losses of $4.2m, compared to a loss of $3.7m during the same period last year. The company specializes in Infiniband switches for high performance grid computing. Voltaire lists that more than half of their customers have been government, research and educational organizations. The company's OEM customers are IBM, HP, Silicon Graphics, Sun and NEC Corporation.

Voltaire joins a flock of other tech vendors recently registering to sell stock in what appears to be the IPO season. ®

Combat fraud and increase customer satisfaction

More from The Register

next story
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Kingston DataTraveler MicroDuo: Turn your phone into a 72GB beast
USB-usiness in the front, micro-USB party in the back
AMD's 'Seattle' 64-bit ARM server chips now sampling, set to launch in late 2014
But they won't appear in SeaMicro Fabric Compute Systems anytime soon
Brit boffins use TARDIS to re-route data flows through time and space
'Traffic Assignment and Retiming Dynamics with Inherent Stability' algo can save ISPs big bucks
Microsoft's Nadella: SQL Server 2014 means we're all about data
Adds new big data tools in quest for 'ambient intelligence'
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.