Corvis - Eisbergspitze der Absahner ? - 500 Beiträge pro Seite

[blickdicht]

Netzwerk-Startup: Ohne Umsatz erfolgreich an der Börse

Manche Börsengänge werden auch zu Zeiten großer Skepsis gegenüber Hightech-Aktien zu einem Erfolg: Corvis, Spezialist für optische Netzwerke, konnte sich gestern am ersten Handelstag seiner Aktien in New York über eine Kapitalspritze von 1,14 Milliarden US-Dollar freuen. Das Unternehmen verkaufte 31,6 Millionen Aktien zu je 36 US-Dollar; damit lag der Ausgabepreis ein gutes Stück über den 28 bis 30 US-Dollar, die die Konsortialbank als Preisspanne angegeben hatte. Im Juni noch war man von einem Erstausgabe-Preis von 13 bis 15 US-Dollar ausgegangen.

Der Erfolg ist umso erstaunlich, als Corvis praktisch auf keine Umsätze verweisen kann. Die Produkte des Unternehmens sind größtenteils noch nicht serienreif: Bislang existieren sie vor allem als Testgeräte für einige große Firmen, die die Corvis-Technik in Feldversuchen ausprobieren sollen.

Corvis profitiert aber offensichtlich vom Boom der optischen Netze: Das Unternehmen entwickelt Komponenten für optische Netze, mit denen die überbrückbaren Distanzen bei Punkt-zu-Punkt-Verbindungen auf Glasfaserstrecken erhöht werden sollen. Das Unternehmen verspricht mit seinen Geräten bis zu 3.200 Kilometer ohne Regeneratoren – dies würde den Einsatz optischer Netze dramatisch verbilligen. Bislang müssen teure Verstärker und Regeneratoren auf längeren Glasfaserstrecken eingesetzt werden, und zwar in der Regel alle 400 bis 500 Kilometer. Ob Corvis seine Versprechen halten kann, wird sich aber erst nach Abschluss der Feldversuche herausstellen – dann erst treten auch die schon abgeschlossenen Lieferverträge mit potenziellen Kunden in Kraft, die sich momentan laut Corvis auf rund 350 Millionen US-Dollar belaufen sollen. (jk/c`t)

[habkeingeld]

Hi habe das gerade auf Bloomberg.com gefunden


Technology News
Sun, 30 Jul 2000, 5:07pm EDT

Corvis More Than Doubles After Record $1.14 Bln IPO (Update2)
By Emma Moody

New York, July 28 (Bloomberg) -- Corvis Corp. shares more than doubled after
the maker of equipment for fiber-optic networks raised $1.14 billion in an initial
public offering, a record for a startup company that has yet to show any
revenue.

Corvis surged 48 23/32 to 84 23/32. At a high of 98, the company had a market
value of $32.2 billion -- also a record for a technology startup, according to the
company`s banker, Credit Suisse First Boston.

Columbia, Maryland-based Corvis last night sold 31.6 million shares at $36
each, raising almost three times as much as it was planning just three days
ago. The company has agreements to sell a total of $550 million of its products
to three network operators who are Corvis investors, pending successful tests.

``It`s hot, hot, very hot,`` said Richard Begun, manager of the Orbitex Growth
Fund. ``Corvis is involved in the optical networking area. Demand is very high for
these products.``

Demand for fiber-optic equipment and parts is surging as use of the Internet
grows, boosting the fortunes of companies such as Corvis and Avici Systems
Inc., a maker of high-capacity data- traffic routers which also went public today.

Avici shares more than tripled, rising 65 3/4 to 96 3/4. The North Billerica,
Massachusetts-based company raised $217 million in its IPO after twice
boosting the sale to meet robust demand.

Avici sold 7 million shares at $31 apiece, above the $28 to $30 price range set
on Monday by its bank, Morgan Stanley Dean Witter & Co. The price was
above the original range of $18 to $20 set in June.

10 IPOs

Corvis` IPO was the biggest of 10 sales last night, the most companies in a
single day since October last year, according to CommScan. First-day gains for
many may be constrained by sliding technology stocks. The Nasdaq Composite
index fell 4.6 percent today, extending its slide for the week to more than 10
percent.

It hasn`t hurt optical-networking companies, which are tapping growing use of the
Internet and the fiber-optic networks used to transmit the data.

``The future for Corvis looks pretty good,`` said Steve Catricks, analyst with
Blackrock Inc.`s emerging growth team. ``It will probably become a top-tier
optical networking company.``

Corvis`s product can send optical signals up to 1,989 miles, compared with about
250 to 370 miles for equipment made by companies such as Ciena Corp. That
lets network operators move calls and data across networks faster and more
cheaply.

The company was started by David Huber, who also founded Ciena in 1992. Last
week, Ciena sued Corvis, accusing it of infringing Ciena`s technology patents.

Other Shares Fall

Investors bought Avici and Corvis as they sold shares of rival networking and
fiber-optic equipment companies. Among optical-gear makers, Ciena fell 16 3/16
to 134 7/16. Sycamore Networks Inc. fell 11 to 115. ONI Systems Inc. fell 14 7/8
to 89 3/8. Avici rival Juniper Networks Inc. fell 9 13/16 to 134 1/2. Cisco Systems
Inc. fell 5 3/16 to 62 13/16.

Corvis ``makes all my other technology stocks look cheap now,`` said Glen Frey,
manager of the $400 million Orbitex Info- Tech & Communications Fund. He
bought shares of Corvis and Avici in their offerings.

``What they have and how it`s going to work is still a big question,`` Frey said of
Corvis. ``What you`re buying there is more the people and their experience.``

Corvis, founded three years ago, has a pair of agreements each worth $200
million to sell equipment to Williams Communications Group Inc. and Broadwing
Inc. The sales depend on successful testing of Corvis`s products. Corvis said it
successfully completed tests with Broadwing. Williams and Broadwing both own
stakes in Corvis.

Avici a `Hold`

Some weren`t as enthusiastic about Avici. Brean Murray Securities analyst Gina
Sockolow began coverage of Avici with a ``hold`` rating. She said the company
has been ``aggressively booking revenue on test equipment`` and won`t have
finished key software for its routers until year`s end.

``We are not comfortable with the quality of the revenue or the visibility,`` said
Sockolow.

Avici, founded in 1996, has agreements to sell $45 million of its equipment to
network operators Williams and Enron Corp., who are also investors in Avici.
Avici plans to issue a warrant to AT&T Corp., which is testing Avici`s router, to
buy 100,000 shares at the IPO price over five years.

Qwest Communications International Inc., which holds a warrant to buy Corvis
shares, also agreed to buy $150 million of Corvis gear.

``Given Corvis`s conservative revenue recognition, we think there`s a lot of revenue
upside here,`` said Sockolow, who has a ``buy`` rating on Corvis shares.

Without generating revenue, Corvis lost $26.8 million in the three months ended
April 1 and $71.3 million in the year through Jan. 1.