Wireless - Monday, June 9, 2008
Wireless Equipment Vendor NextG Networks Files $150M IPO
San Jose's NextG Networks has filed for a $150M IPO. It plans to trade on the Nasdaq under ticker symbol NXTG. Merrill Lynch and Lehman Brothers are co-lead underwriters.
NextG sells small, distributed antennae linked by fiber networks that are designed to fill the gaps left by very large cellphone towers. The idea is to gain coverage in areas while not pissing off residents with eyesore towers.
Aesthetic antenna
The company has raised over $64M led by Oak Investment Partners (which owns 26.9% pre-IPO) and Gabriel Venture Partners (which held 14.5%). NextG designs, permits, builds, and operates antenna systems, or DAS systems. other shareholders include Bay Harbour Master, and Trophy Hunter Investments.
For the three months ended March 31, the company's net loss narrowed to $668K from $1.34M in the year-ago period. Revenue rose to $4.5M from $3M
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