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Networking - Thursday, May 3, 2007

Cavium Networks Rises 22% After IPO

cavium networks.png
Shares of the Mountain View, CA-based semiconductor company closed their first day of trading on the Nasdaq Stock Market at $16.22, a full 22% above the IPO price of $13.50 set by underwriters. That rise is above the initial price range set at $12 to $13 a share.

Cavium sells chips that enables customers to develop networking equipment that processes voice, video and data traffic at high speeds, what telcos market as the triple play.

What is amazing in the current IPO invironment is that The company isn't profitable, but the days of large losses could soon be over, Sweet said.

In the first quarter, Cavium is not yet profitable. It lost $997K on revenue of $11.1M. But loses are headed in the right direction. In the same period a year earlier, Cavium lost $3M on revenue of $7M.

Menlo Ventures, a venture capital firm, remains the company's largest shareholder with 25%, down from 29.9% before the IPO.

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