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NetScreen IPO raises $160M
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December 11, 2001: 7:54 p.m. ET
Firewall company IPO raises twice the amount originally expected.
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NEW YORK (CNN/Money) - NetScreen Technologies Inc. raised $160 million with its initial public offering Tuesday, pricing above its already boosted range.
NetScreen priced 10 million shares at $16 per share through lead underwriter Goldman Sachs. The Sunnyvale, Calif.-based company makes a firewall that helps prevent unauthorized network access.
NetScreen originally expected to price 8 million shares between $9 and $11 per share, but boosted those terms Monday to 10 million shares between $12 and $14.
Unlike most companies tapping the equities markets, NetScreen is not profitable with $31.3 million in losses on $85.6 million revenue. In fact, the company states in its most recent filing with the Securities and Exchange Commission: "We anticipate continued losses and may not achieve profitability." NetScreen plans to trade on the Nasdaq as "NSCN." Shares are expected to begin trading Wednesday. 
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