ACT Networks Inc has registered with the Securities and Exchange Commission for an initial public offering of 2.2m shares, 2m of them new. The Camarillo, California-based company, which makes voice and data transmission products has set no target price, but the proceeds will be used to repay about $2.4m in debt, as well as for working capital and acquisitions. Underwriters for the issue will be Hambrecht & Quist and Wessels, Arnold & Henderson.
Firefox Communications Inc has filed with the Securities & Exchange Commission for an intial public offering of 2m shares, 1.5m of them new. The San Jose, California internetworking software provider set a target price of between $10 and $12 per share. It plans to use the $14m to $17m net proceeds for working capital, to redeem preference shares and to repay debt. Underwriters are Robertson, Stephens, Montgomery Securities and Cowen.
Mustang Software Inc has filed with the Securities & Exchange Commission to go public with an initial offer of 1m shares, all new. The Bakersfield, California communications software company has set a target price range of $5 to $6 per share. Managers for the offering will be Cruttenden Roth.
National Instruments Corp has filed for an initial public offering of 3.4m shares, 2.5m of them new, at a target price of $14.50 per share. The Austin, Texas supplier of instrumentation software and hardware for engineering will use the $48m or so net proceeds for working capital and expansion of facilities. Lead underwriters for the offering are Robertson, Stephens & Co and Lehman Brothers.
General Cable Plc the UK cable television and local telephony subsidiary of Compagnie Generale des Eaux SA, says its flotation will value it at between ú557m and ú646m, and that it will be raising ú198m to ú230m in new money. Price per share is expected to be between 220 pence and 225 pence. It has franchises in West London, Yorkshire and Birmingham passing 1.7m homes, and claims 11% of the total UK cabled population. Market share in each business sector in 1994 was 22% for business telephones on cable; 16% for residential telephones on cable; and 14% for cable television subscribers. The French water company owns 89.85% and will be diluted to some 58%. Other investors are cable operators Comcast Corp, Singapore Telecommunications Ltd and Telewest Communications Plc. Some 30.4m shares will be placed with UK institutions, 10.1m with clients of UK brokers, and 40.5m shares will be sold in Canada and the US and another 9m in a separate international offering, the firm said.
