"The Linux IPO drought seems to be over. After months of no
activity, Turbolinux has filed for an initial public offering of
stock, just days after LynuxWorks put in a filing of its own. As
usual, the S-1 filing is a lengthy mass of legalese. Here at LWN
we've made a pass through the document, so you don't necessarily
"The picture that emerges is that of a fairly straightforward
Linux company. Unlike LynuxWorks, Turbolinux (which seems to have
downcased the "L" recently) does not see Linux as a loss-leader for
proprietary products. We also get a glimpse into the departure of
founders Cliff and Iris Miller, which turns out to have been an
extraordinarily expensive action on the company's part."
"The company is planning to raise $60 million from this
offering, and wants to trade under the symbol TLUX."
"The revenue picture is most interesting - Turbolinux (then
Pacific HiTech) made $4.7 million way back in 1995. That fell
seriously to $1.5 million in 1997, then climbed back up to $4.9
million in 1999. In the first six months of 2000, revenues have
been $2.9 million. In 1998, the company actually turned a profit -
$700K worth. No self-respecting high-tech company can go public
while making profits, though, and Turbolinux is no exception - the
ink turned red in 1999 with a $9.5 million loss, which was outdone
by a $31 million loss in the first half of 2000."
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