STERLING, Va. – Network Access Solutions Corp., an online network service provider, went public June 3. The company offered 7.5 million shares of common stock at $12 apiece, well below its $14 to $16 filing range.
Venture investors included Spectrum Equity Investors and FBR Technology Venture Partners. There were no selling shareholders.
Donaldson, Lufkin & Jenrette, Bear, Stearns & Co. Inc. and J.P. Morgan & Co. underwrote the initial public offering, which left 44.75 million shares outstanding.
Network Access, which began operations in 1995, provides network services over digital subscriber lines to transport data through telephone lines. The company’s customers include American International Group Inc., AT&T Corp., Connectiv Inc., and Lockheed Martin Corp.
The $82.7 million generated in the IPO will be used for general corporate purposes.
Brion Applegate, co-founder and managing general partner of Spectrum, joined the company’s board of directors in August 1998.
Network Acess – Selected Financial
(in thousands, except per share data)
Year Ended December 31, Three Months Ended March 31,
1995* 1996 1997 1998 1998* 1999*
Total revenue 1,927 14,482 8,945 11,639 2,552 4,776
Net income (loss) 90 90 42 -2,076 -13 -2,498
Net income (loss) per share 0.00 0.00 0.00 -0.08 0.00 -0.07