Diamond Multimedia Systems Inc, ambitious and diversifying San Jose graphics board specialist, got its offer of 3.5m shares, 3.15m of them new, away successfully, but did not give a price, although they are currently shown at $29, or its plans. The underwriters handling the offering were Montgomery Securities, Alex Brown & Sons Inc, Donaldson, Lufkin & Jenrette Securities Corp, and Cowen & Co.
Illinois Superconductor Corp, Mount Prospect, Illinois raised about $3.85m before expenses with the sale of 356,473 units of one share and one warrant for a second share at $13, exercisable within two years, in a private placing that raised about $3.85m before expenses. The company wants the cash for working capital and funding of its SpectrumMaster cellular base station filter product development programmes, and for capital expenditures including a scaling up of its manufacturing plant.
Intevac Inc, making static sputtering systems for making thin-film platters to go into hard disk drives in Santa Clara, California got its initial public offering of 2m shares, all of them new, away at $6 a share. The company did not reveal its plans for the $11m or so net proceeds. The managing underwriters for the offering were Robertson, Stephens & Co LP and Hambrecht & Quist LLC.
Netcom On-Line Inc, San Jose-based US-wide Internet access provider, got its offer of 2.5m shares, 1.75m new, away at $72 a share. It did not give its plans for the $120m or so raised. Alex Brown & Sons Inc, Bear, Stearns & Co Inc and Volpe, Welty & Co acted as the underwriters for the offering.
MAID Plc will be issuing 10.4m new ordinary shares for its flotation on Nasdaq and is getting them placed as 2.6m American Depository Shares at a price of $15.10 a shot – a bit embarrassing since the share price in London had risen to the point where this was a discount too far – but instead of raising the US price, its agents manipulated the price lower in London. The on-line business information firm company looks to raise ú29.0m if options for the – unidentified – underwriters to subscribe for 1.56m additional shares are taken up.