BOSTON (08/18/2000) - After reducing its initial public offering (IPO) share volume several times and halving the range of its initial opening stock price, broadband installer Viasource Communications Inc. saw its common stock trading on the Nasdaq stock exchange for the first time Friday.
Fort Lauderdale, Florida-based Viasource gained heavy trade volume on its initial day of trading but experienced only a slight bump in price in mid-day trading Friday.
Viasource offered 5 million shares of its common stock at an opening price of US$8 a share. The company's share price was unchanged during afternoon trading.
Share volume, however, exceeded more than 5.3 million shares. The stock by midday had a high price of $8.47 a share and a low of $7.87 a share.
Viasource Communications provides broadband, video, voice and data technologies and offers installation, integration and maintenance and support services to residential and commercial customers. Viasource does wiring for AT&T Corp., SBC Communications Inc. and other providers.
The company initially planned to offer 11 million shares for the offering, according to its initial announcement in July, at a target opening price of between $14 and $16 a share. However, that was reduced earlier this week to 6 million shares and shrunk again prior to Friday's opening to 5 million shares.
Similarly, the target share price was reduced to an $8 to $10 a share range.
Viasource currently intends to use $10.4 million of the net proceeds of the IPO to repay debt, the company said Friday. The remaining proceeds will be used for working capital and general corporate purposes.
Viasource Communications, in Fort Lauderdale, Florida, can be reached at +1-954-492-0022 or at http://www.viasource.net/.