Calix, MaxLinear, First Interstate | Three IPOs doing well today

Tuesday, July 2nd, 2013 By

Street sign for Wall Street and Broadway in New York

The Initial Public Offering of a company is big news on Wall Street. Image from Flickr.

The initial public offering of a company is usually a very closely and carefully watched event. Today, three separate company IPOs have gone very well. Calix Networks, MaxLinear and First Interstate BancSystem have all shown better-than-expected stock earnings. Calix and MaxLinear are both companies focused on internet infrastructure and are doing very well on the talk of the National Broadband Plan. First Interstate, on the other hand, is a bank that has shown strength in the difficult economy, its IPO is providing instant money to inject into their growth.

Calix Networks specializes in equipment

Based in Petaluma, California, Calix Networks started trading on the NASDAQ exchange today under the ticker symbol CALX. Calix specializes in designing and manufacturing equipment for fiber-based networks, including telephone, television and internet. One of Calix’s largest customers is independent service provider CentryTel, and the company is banking on the new National Broadband Plan to help increase sales. Calix’s initial $200 million start-up cost was funded by both private equity firms and venture capital investors. While Calix had assumed an IPO stock price of about $13, shares are currently trading for about $16. Most industry watchers are estimating that Calix will continue to improve its stock price as broadband becomes even more important to national infrastructure.

MaxLinear saves network power

Another network-focused stock that had a good IPO showing today is Carlsbad, California based Maxlinear. Trading on the NYSE as MXL, MaxLinear was last trading at about $18 a share. MaxLinear designs and manufactures processing chips for mobile and small-scale devices. MaxLinear claims that the technology it uses saves significant amounts of power, which helps extend battery life. Like Calix, MaxLinear raised initial start-up costs through quick payday loans from venture capital firms. MaxLinear was the most hotly anticipated IPO of the day and estimates were the stock would sell for $11 to $13 apiece, which they quickly surpassed. MaxLinear chips are used in a wide variety of cell phones, hand-held devices, televisions and consumer electronics.

First Interstate BancSystem

As an antidote to the high-technology Calix and MaxLinear initial public offerings today, the NASDAQ also saw the IPO of a regional bank. First Interstate BancSystem Inc. is a regional banking system with branches in Montana, South Dakota, and Wyoming. The first U.S. bank to go public since July of 2007, First Interstate’s stock price went from $14.50 a share to $16 in morning trading. Trading under the symbol FIBK, First Interstate Bank was able to show an improved net interest income and total assets while many other banks were being taken over by the FDIC.

Sources:

Wall Street Journal
Red Herring
24/7 Wall Street

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