IPOs/Recent Issues: AVANEX –

Fremont, CA

Went public 2/4/2000 at $36 apiece

Filing Range: 6 mil. shares @ $28 to $30

Shares Outstanding: 62.53 mil. shares

Underwriters: Morgan Stanley Dean Witter

Lehman Brothers/Robertson Stephens/U.S. Bancorp Piper Jaffray


(Data except per-share in $ thousands)


6/98 6/99 12/98 12/99

Total Revenue $0 $510 $0 $10,916

Net Loss -1,137 -9,221 -2,607 -39,845

Net Loss Per Share -7.20 -4.97 -4.14 -6.41

The Company:

Avanex manufactures fiber optic-based products, known as photonic processors, which are designed to increase the performance of optical networks. The company’s PowerFilter and PowerMax products are disgned to overcome technological challenges such as chromatic dispersion different wavelengths of light traveling down the optical fiber at different volocities and reaching their destination at different times and attenuation optical signal degradation when electrical signal are converted into optical signals. Such products are designed to enable the transmission of more data in a wavelength of light, at higher speeds and across greater distances in a network, than currently available optical technologies.


Proceeds are estimated to be approximately $198.9 million. The company intend to use the net proceeds for general corporate purposes, including capital expenditures and working capital.

Venture Backers:

Crosspoint Venture Partners, Sequoia Capital, JAFCO America Ventures Inc., Mayfield Fund

Board Members:

Todd Brooks, Mayfield Fund February 1998

Michael Goguen, Sequoia Capital February 1998

Seth Neiman, Crosspoint Ventures February 1998