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News > Deals
IPOs price confidently
July 12, 2000: 9:28 p.m. ET

Network Engines and Sunrise Telecom expect strong debut demand
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NEW YORK (CNNfn) - Internet storage company Network Engines priced at the top of its initial public offering range Wednesday, in hopes its high-density servers will attract investor interest in what has been a listless IPO week.

Network Engines raised $110.5 million, pricing 6.5 million shares at $17. Earlier Wednesday, the company boosted its range to $16 to $17 from $13 to $15 and also upped the number of shares to 6.5 million from 5.5 million.

The Canton, Mass.-based company was tipped by analysts to be a strong performer. According to IPOfinancial.com President David Menlow, the company's 375 percent growth curve is compelling and its rate of loss will probably diminish.

In 1999 Network Engines had revenue of more than $6 million and lost just over $5.8 million. The company will trade on the Nasdaq as "NENG" and the lead manager for the deal is Donaldson, Lufkin & Jenrette.

San Jose, Calif.-based Sunrise Telecom was also confident, pricing above its range and raising $60 million. The company, which makes network test equipment for DSLs, or digital subscriber lines, priced 4 million shares at $15, the high end of its expected range of $13-15.

Sunrise Telecom has a strong position in the fast-growing DSL market and posted a profit in each of the last five years.

"They're a young group and they're getting it done the right way," Menlow said.

Sunrise, led by Chase H&Q, will trade on the Nasdaq as "SRTI." Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.