Novatel Wireless Files IPO

Posted By: Ed Monday, July 31, 2000 5:14:56 PM

Novatel Wireless Inc., maker of the Minstrel line of wireless modems used by OmniSky and GoAmerica, has filed with the Securities and Exchange Commission to raise as much as $105 million in an initial public offering under the symbol "NVTL''. They plan to use the money from the IPO for working capital and general purposes, including research and development and marketing. They haven't yet disclosed how many shares will be offered or the expected initial price per share.

Novatel has had a typical life for a start-up in the late 90s. In 1998 it had $5.4 million on revenue and $5.5 million in loses. Last year it lost $18.5 million on $9.6 million in revenue. They admit that they have a history of operating losses and net losses and it expect to continue to incur losses for the foreseeable future.

Credit Suisse First Boston, U.S. Bancorp Piper Jaffray and Banc of America Securities LLC are the underwriters managing the IPO.

Thanks to Yahoo! Finance

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