AKRON, Ohio – Aironet Wireless Communications Inc., a provider of high-speed wireless local area networking solutions, held an initial public offering July 29. The company offered 6 million shares at $11 each, the high end of its $9 to $11 filing range.
Dain Rauscher Wessels, Prudential Securities and CIBC World Markets underwrote the initial public offering, which left 13.57 million shares outstanding.
Telxon Corp., the only selling shareholder, offered 2 million shares, Telantis Venture Partners V Inc., Axiom Venture Partners II Ltd. and Furneaux & Co. were venture backers.
Aironet provides wireless connections to local area computer networks and Internet access to personal computer users within a building or campus environment. The company’s products use radio frequency and data communication technologies to wirelessly connect users to data networks ranging from corporate computer networks to home networks.
The $38.9 million in proceeds will be used for general corporate purposes, including engineering expansion, product development, sales and marketing programs and investment in complementary technologies.
The company was profitable in the fiscal year ended March 31, 1998, earning $2.5 million, before losing $1.1 million in this fiscal year ended March 31.
Samuel McKay, a general partner of Axiom Venture Partners, joined the company’s board of directors in March 1998, followed in April by John Paxton Sr., chairman and chief executive of Telxon.
Aironet Wireless – Selected Financial
(in thousands, except per share data)
Year Ended March 31,
1995 1996 1997 1998 1999
Revenue 33,176 44,323 61,328 45,134 45,253
Net income (loss) -1,580 -2,383 889 2,501 -1,077
Net income (loss) per share -0.20 -0.29 0.11 0.31 -0.12