Visual Networks Inc, the Rockville, Maryland network management tools company, got its initial public offering of 3.5 million shares, together with an additional allotment of 525,000 shares, away at $12.50 a share. The offer was initially priced in the range $9-$11 but was ultimately increased to $12.50 due to demand, raising $47m net new funds for the company. Goldman, Sachs & Co acted as lead manager for the offer while Deutsche Morgan Grenfell Inc and Wessels, Arnold & Henderson, LLC co-managed the underwriting group.
Network Associates Inc, the Santa Clara, California-based network security and anti-virus company, has announced its intention to raise $300m of cash with the private placement of zero coupon convertible debentures to institutional investors. The company said the funds, alongside its existing cash reserves of $350m, were intended for use in future business opportunities.
