PowerDsine Announces Closing of IPO

June 15, 2004 by Jeff Shepard

PowerDsine Ltd. (Farmingdale, NY), a leading provider of Power-over-Ethernet (PoE) technology, announced the closing of its previously announced initial public offering (IPO) of 6,000,000 ordinary shares at $11.50 per share. PowerDsine sold 5,100,000 ordinary shares and 900,000 ordinary shares were sold by certain PowerDsine existing shareholders.

The selling shareholders have granted the underwriters a 30-day option to purchase an additional 900,000 ordinary shares to cover over-allotments, if any. Citigroup Global Markets Inc. acted as sole book-running manager, and Deutsche Bank Securities Inc., CIBC World Markets Corp. and Piper Jaffray & Co. acted as co-managers.