Ikanos rises on debut

By siliconindia staff writer   |   Friday, 23 September 2005, 07:00 Hrs
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NEW YORK: Shares of Ikanos Communications Inc, owned by Indian American Rajesh Vashist, rose on debut, as the Fremont based semiconductor developer made its appearance in the New York Stock Exchange.

The company’s stocks closed on $13, after rising $1, or 8.3 percent. The company offered each shares at $12 for the 6.4 million shares, at the high end of the expected range of $10 a share to $12 a share.

Ikanos, which makes semiconductors that enable fast Internet service over telephone companies' existing copper lines, sold the shares through underwriters Citigroup Inc., Lehman Brothers Holdings Inc., Deutsche Bank AG and Thomas Weisel.

Despite reporting net losses since 2000, their revenues have risen and the losses narrowed. The company will use the proceeds for general corporate purposes and potential acquisitions.

The company’s trading name on NYSE is ‘IKAN.’

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