ESS Technology Inc, Fremont, California developer of highly intergrated mixed signal audio chips for multimedia and notebook computers, got its initial public offering of 7, shares, $3.85m of them new, away at $15.00 per share, but did not say what the $52m or so net new money is for. The underwriters for the flotation were Morgan Stanley & Co Inc, Hambrecht & Quist LLC and Needham & Co Inc.
Insight Enterprises Inc, Tempe, Arizona direct marketer of microcomputers, has filed with the US Securities & Exchange Commission to offer 1.5m shares, 1m new, but does what it wants the cash for. The managers are Principal Financial Securities, Inc and Pennsylvania Merchant Group Ltd.
Superscape VR Plc, Hook, Hampshire virtual reality software specialist, clearly sees the risk that however good its technology, if it does not get established on the international stage quickly, it could find doors starting to close to it, and it is seeking ú8.7m net of expenses in a one-for-two rights issue at 330 pence, compared with a price in the market of 392 pence to finance its international expansion over the next two years. It expects over that period to require ú10m for new staff and capital equipment over the next two years – about 40% for sales and marketing, 30% for applications development and the rest for more fundamental product development. The rights issue is fully underwritten for Superscape by Guinness Mahon & Co Ltd.
