Ikanos Communications, Inc. (NASDAQ: IKAN) said it has priced an underwritten public offering of 25,000,000 shares of its common stock at a price to the public of USD1.00 per share.
Ikanos has also granted the underwriters an option to purchase up to 3,750,000 additional shares of its common stock to cover over-allotments, if any. After deducting underwriting discounts and commissions and estimated offering expenses payable by the company, the company expects to receive net proceeds of approximately USD22.7m, assuming no exercise of the over-allotment. The offering is expected to close on November 13, 2013.
Needham & company, LLC is acting as the sole book-running manager of the offering. Craig-Hallum Capital Group is acting as co-manager.
Ikanos intends to use the net proceeds from the offering for working capital and general corporate purposes and for capital expenditures. In addition, Ikanos may use a portion of the net proceeds for acquisitions of complementary businesses, technologies or other assets.
Ikanos Communications is a provider of advanced broadband semiconductor and integrated software products for the digital home. The company´s broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world´s leading network equipment manufacturers and telecommunications service providers.