Network Appliance Inc, the Santa Clara, California-based provider of file servers and caching technology, said it has filed with the Securities and Exchange Commission for a public offering of 2.5 million shares of its common stock. All the shares are being sold by the company at a price of $53.88, netting $128.7m after expenses.
NAI says it intends to use the proceeds for the standard working capital and other general corporate purposes. It also hints at possible acquisitions of complementary assets, technologies and businesses, although none are currently in the works. The underwriters have been granted an option to purchase an additional 375,000 shares to cover over allotments. The offering will be managed by Lehman Brothers Inc, BT Alex. Brown, Merrill Lynch & Co, and Wit Capital Corp as e-manager.
