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CoSine rises 174%
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September 26, 2000: 5:03 p.m. ET
Shares nearly triple as networking stocks remain hot in IPO market
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NEW YORK (CNNfn) - CoSine Communications Inc. nearly tripled its offer price Tuesday, soaring 174 percent, signaling the continued strength of the networking sector in the IPO market.
CoSine, the only IPO to begin trading Tuesday, hit a high of $71 and closed up $40.06 at $63.06.
Analysts had expected CoSine (COSN: Research, Estimates), which provides the switches and software that let network services providers offer secure Internet services, to emerge as one of the week's top deals.
"It's behaving pretty much as we expected," said Irv DeGraw, research director of WorldFinanceNet.com. "We knew this one was going to go through the roof and it did."
 Cosine's success follows the strong performance of Inrange Technologies Inc. (INRG: Research, Estimates), a maker of networking equipment, which also nearly tripled last Friday.
This week is the first strong week for the IPO market since its Labor Day hiatus. Other top deals expected include AvantGo Inc., a provider of mobile Internet software and services, and biotechnology company Ciphergen Biosystems Inc.
The Redwood City, Calif.-based CoSine raised $230 million Monday, pricing 10 million shares at $23 each, above its expected price range, via lead underwriters Goldman Sachs.
TheCoSine offering had already received one price boost. CoSine had planned to sell 10 million shares at $20 to $22 each, which was raised last week from $15 to $17, which itself was up from the originally planned $13-to-$15 range. 
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CoSine Communications
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