Ross Technology Inc, Austin, Texas Sparc designer got its initial public offering of 3.5m shares, all new, away at $14 per share, and Sun Microsystems Inc bought another 1.057m at $13.02 a share with a warrant to take its stake to 9.9% in the next 180 days at the same price. The $60m or so net proceeds will be used for the repayment in full of its bank debt, for the relocation and expansion of its manufacturing, testing and quality control facility, for the payment of preferred stock dividends, and for continuing product development and working capital. The underwriting group was managed by Robertson, Stephens & Co LP and PaineWebber Inc.
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