TAMPA, Fla.-Syniverse Holdings Inc.’s initial public offering did little to rally investors as the company’s stock remained relatively flat during its first morning of trading. The company is offering around 17 million shares for $16 per share in order to raise about $282 million.
Syniverse’s stock was trading at around $16.07 at noon EST on Thursday. The high for the morning was $16.20, and the volume is about 11 million.
Syniverse’s IPO dreams are much reduced from the $425 million it had initially hoped to raise when it filed its IPO intentions with the Securities and Exchange Commission in November. Lehman Brothers Inc. and Goldman, Sachs & Co. are managing the underwriting group for the reduced offering. Syniverse is offering its underwriters an additional 2.6 million shares, available until March 11.
Syniverse sells a range of wireless technologies and counts more than 300 carrier customers in 30 countries, including the likes of Cingular Wireless L.L.C., Verizon Wireless, America Moviles in Latin America, China Unicom, Japan’s KDDI and SK Telecom of Korea. In its network services portfolio, the company offers various SS7 signaling and roaming services. Syniverse’s clearing and settlement technologies ensure billing, roaming and messaging interoperability, and its call-processing offerings support authentication, fraud detection and subscriber verification. Syniverse’s wireless local number portability services have scored it contracts with the five largest carriers in the United States.
In its SEC filing in November, Syniverse laid out part of its growth strategy. The company said it would look to shore up its domestic position while growing its international carrier business. The company also said it would develop a standard international roaming solution, sell Voice over Wi-Fi products to businesses, and develop wireless directory-assistance services for carriers.
