Maybe timing isn't everything.
Despite a huge downturn in the routing and switching sector caused by slower
capital spending by service operators, Riverstone Networks Inc.'s first
afternoon as a publicly traded stock went much more smoothly as shares rose
almost 9 percent, closing at $13.06.
Riverstone -- a unit of Cabletron Systems Inc. that trades on the NASDAQ
exchange under the 'RSTN' ticker -- priced its initial public offering of 10
million shares at $12 apiece, valued at about $120 million.
Riverstone marked the first 'of a series of spinoffs,' Rochester, N.H.-based
Cabletron said.
The spinoff's customer roster includes British Telecommunications plc,
WorldCom Inc. and EarthLink Network Inc.
In the cable sphere, Riverstone has partnered with Tellabs Inc. on a
cable-modem-termination system called the 'CABLESPAN 2700.' Its 'RS 8000' switch
router was awarded Data Over Cable Service Interface Specification
1.0-qualification from Cable Television Laboratories Inc. in
October.
