Terms and conditions but no date for Riverstone IPO

Switch and router maker Riverstone Networks has set out the terms of its IPO, but has not yet announced when it will begin trading.

The company will offer 10 million common shares that could sell for $12 to $14 each. Once the IPO is completed it will have more than 102 million common shares. It is hoping to raise around $200m to use for working capital and research and development. Riverstone is one of four subsidiaries set up in February by internet equipment manufacturer Cabletron Systems to enable it to grow faster in key markets and compete more effectively with rivals such as Cisco. Cabletron will hold 86 per cent of the shares and plans to distribute the rest to Cabletron stockholders. Riverstone's corporate customers include AT&T, BT, Cable & Wireless and CAIS Internet. It will be listed on Nasdaq under the ticker RSTN. By Candice Goodwin