July 26, 2007 / 10:17 AM / 10 years ago

Israel's Voltaire raises $46 mln in Nasdaq IPO

2 Min Read

JERUSALEM, July 26 (Reuters) - Israel's Voltaire Ltd. VOLT.O said on Thursday it had raised about $46 million in Wednesday's initial public offering on Nasdaq.

The maker of server and storage software for data networks said in a statement it sold 5.77 million shares at $9 each, and granted underwriters a 30-day option to purchase up to an additional 865,462 ordinary shares to cover any over-allotments.

J.P. Morgan and Merrill Lynch & Co. were bookrunners for the offering, while Thomas Weisel Partners LLC and RBC Capital Markers served as co-managers.

Voltaire on Wednesday had registered its IPO at a price of $9 to $11 per share, lowering it from the previous estimate price of between $12 and $14 per share.

The company's shares, listed on the Nasdaq global market under the symbol "VOLT", and will start trading later on Thursday. Closing of the offerings is expected on Tuesday.

Voltaire has said it intends to use net proceeds to fund research and development activities, repay debt, acquire or invest in complementary companies, products or technologies.

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