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Shares of Veraz Networks Inc. dipped after the company’s initial public offering raised $72 million at a price below its forecast range.
Veraz opened at $8 per share, in line with its offering, but substantially lower than the $10 to $12 per-share forecast range. And investors remained tepid on the provider of IP technology for telecoms, sending shares down 14 cents, or about 2 percent, by mid-day.
Veraz reported a net loss of $14 million in 2006 on revenue of $100 million, roughly equaling a 2005 net loss of $14.3 million. The San Jose, Calif.-based outfit sold 6.75 million shares as existing stockholders sold 2.25 million shares.
The offering was made through underwriters led by Credit Suisse Securities L.L.C. and Lehman Brothers Inc.
