DragonWave closes IPO

Ethernet wireless technology company DragonWave Inc. finalizes its initial Dragonwave.jpgpublic offering of close to 7.6 million common shares placed on the London AIM market and TSE. The company announced in March its intention to go public, saying it would offer shares at a price of $3.95 a share to raise $32 million to fund new product development and expand its sales operations outside North America. “The company has received a strong reception from investors and we are delighted to be listing on TSX and AIM,” says DragonWave CEO Peter Allen. Company revenue has been on the incline of late, reaching $19.4 million in fiscal 2006 ended on Feb. 28, more than doubling that of the previous year, when the company registered $9.3 million in revenue. The offering was underwritten by a syndicate led by Canaccord Capital Corporation.

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