E-Tek Dynamics completes initial public offering

E-Tek Dynamics completes initial public offering

Fifteen-year-old E-Tek Dynamics Inc. (San Jose, CA) finally made it to Nasdaq on December 2 and now trades under the symbol ETEK. The company and certain stockholders sold 5 million shares at $12 per share to an underwriting group led by Goldman Sachs & Co. and Morgan Stanley Dean Witter. A manufacturer of passive fiberoptic components and modules, E-Tek delayed its original initial-public-offering plans last October and came forth with a less ambitious plan. The stock closed on the first day at 26 3/4 in trading of more than 12.4 million shares.