SANTA CLARA, Calif. – Extreme Networks Inc., a provider of switching solutions for local area networks, or LANs, held an initial public offering April 8, offering 7 million shares of common stock. The stock priced at $17, well above the $13 to $15 filing range.
There were no selling shareholders. Venture backers included AVI Capital Management Partners, Kleiner Perkins Caufield & Byers, Norwest Equity Partners V and Trinity Ventures.
The offering, underwritten by Morgan Stanley Dean Witter, BancBoston Robertson Stephens and Dain Rauscher Wessels, left 47.8 million shares outstanding.
Extreme Networks, founded in June 1997, produces custom semiconductors, hardware and software designs to change LAN resources. The company’s services include Summit stackable and BlackDiamond modular product families.
The $119 million in proceeds from the offering will be used for general corporate purposes.
Promod Haque, managing general partner of Norwest Capital, Lawrence Orr, general partner of Trinity Ventures, and Peter Wolken, general partner of AVI, became directors in May 1996.
Extreme Networks – Selected Financial
(in thousands, except per share data )
Year Ended June 30, Six Months Ended December 31,
1997 1998 1997 1998
Net revenue 256 23,579 6,104 30,851
Net loss -7,923 -13,936 -6,467 -4,936
Net loss per share -4.51 -3.18 -1.84 -0.72