“Cobalt Networks Inc., a manufacturer of server appliances,
disclosed that it will offer an 18.3% stake in the company, or 5
million common shares, in its pending initial public offering.
“The Mountain View, Calif.-based firm sees the stock pricing in
the $14-to-$16 range, according to SEC papers released late
yesterday.”
“Server appliances, Cobalt’s main product, are a new category of
network infrastructure devices specifically designed to deliver
network-based applications.”
“As of Oct. 1, Cobalt had sold over 17,000 server appliances to
more than 1,300 customers in over 65 countries. Cobalt’s
revenues for the nine months ended Oct. 1 were $13.8 million, with
the company posting a net loss of $13.7 million for the same
period.”