Veraz Networks Inc. completed an initial public offering (IPO) and began trading on NASDAQ under the symbol “VRAZ”. Veraz is a leading global provider of IP softswitches, media gateways and digital compression products that enable voice, video and other multimedia services. ECI Telecom Ltd. holds approximately 40% of Veraz.
Veraz priced its initial public offering on NASDAQ at $8 per share (before underwriting discounts), expecting to raise gross proceeds of $54 million (before underwriting discounts and expenses), selling 6,750,000 shares. In addition, ECI planned to sell 2,250,000 shares at the public offering price. The underwriters were granted a 30-day option to purchase up to an additional 1,012,500 shares of common stock by Veraz and up to an additional 337,500 shares by ECI at the initial public offering price to cover over-allotments, if any.
The offering was made through an underwriting syndicate let by Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. who acted as joint book-running managers. Jefferies & Company and Raymond James & Associates, Inc. acted as co-managers for the offering.
VRAZ closed at $7.80 after its first day of trading.
http://www.veraznetworks.com
http://www.ecitele.com
