Radware Ltd, a Tel Aviv, Israel-based start-up specializing in internet traffic management tools, is planning to raise $434m from an initial public offering of 3.5 million common shares to be issued at $13 to $15 a share. The company will tap the windfall from the flotation on Nasdaq to finance growth and general corporate purposes, its statutory filing with the Securities and Exchanges Commission lodged last week reveals. If demand is particularly high, underwriters Saloman Smith Barney, CIBC World Markets and US Bancorp Jaffray have an option to step in and buy an extra 525,000 shares.
The company's three product lines provide web traffic management for different parts of computer networks. They include Web Server Director which distributes internet protocol traffic among multiple servers and applications giving continual access to servers. Radware's client roster includes carrier, Bell Atlantic Corp, chip giant, Intel Corp and financial news provider, Bloomberg LP.
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