NEW YORK-Cellnet Data Systems Inc., which provides wireless monitoring networks to utilities, went public with a 5 million share offering of common stock at $20 per share.
In other news, Itron, also a provider of automatic meter reading services for utilities, recently said it filed a patent infringement suit against Cellnet. The suit claims Cellnet’s WAN radio system violates one of Itron’s patents.
Morgan Stanley & Co., New York, was lead underwriter for Cellnet’s initial public offering. Cellnet’s stock closed at $16.25 per share Oct. 2.
Concurrently with its IPO, Cellnet sold $28 million in additional shares of stock at $20 each in private placements with: Northern States Power Co. for $15 million; Union Electric Development Corp. for $10 million; and Bechtel Enterprises Inc. for $3 million.
Cellnet, of San Carlos, Calif., is in the process of building a wireless network meter reading system covering 1.22 million meters for Union Electric and Kansas City Power & Light Co.
Cellnet is targeting utilities in the 60 largest metropolitan statistical areas.
