NEW YORK-Telecommunications Systems Inc., an Annapolis, Md., network developer, priced its initial public offering of 4.7 million shares last week at $17 each. The issue began trading the next day on Nasdaq at an opening price of $22.50.
Chase H&Q was lead underwriter for the sale, with proceeds to be used for a variety of general corporate purposes, including debt repayment and technology development.
The company has developed applications to enable the delivery of Internet content, short messages and enhanced data communications services to wireless handsets, two-way pagers and personal digital assistants.
Telecommunications Systems counts nearly 30 companies as its competitors, including Aether Systems Inc., Boston Communications Group Inc. and Phone.com Inc.
“The market for our products and services is becoming increasingly competitive. The adoption of industry standards may make it easier for new market entrants to compete with us,” the company said.
“We expect that we will compete primarily on the basis of the functionality, price, breadth, time to market, ease of integration and quality of our products and services.”
