NEW YORK-Nact Tele-communications Inc., a telecommunications switching platform provider, closed a 3 million share initial public offering March 3.
The opening share price of the newly public company was $10 and the stock trades on Nasdaq.
One third of the shares in the IPO were sold by GST USA Inc., parent corporation of Nact, which is headquartered in Orem, Utah. Hambrecht & Quist, San Francisco, was lead underwriter of the stock sale.
Nact provides advanced switching platforms with integrated applications software and network management capabilities.
The company sells its products and services to prepaid cellular network and prepaid calling card operators, as well as long-distance carriers, international call back/re-origination providers and other specialty telecommunications services providers.
