By Ron Coates, 13 May 2004 09:25
NEWS Shares in Newport Networks zapped up by a third on their first day of trading to hit 92.5p and continue to climb this morning hitting 96p, almost before breakfast.
Not bad for a company that won't deliver a product until July. It is all rather reminiscent of the good old dot-com days.
Newport shares were placed at 71p last week to raise £27m in an issue that was oversubscribed nine times. Unlucky bidders are now having to pay rather more for a slice of the action.
The action, in this case, is VoIP (voice over internet protocol). Newport's first product, to be released in July, is the 1460 session controller designed to provide security and control for the packets involved in VoIP and, possibly more importantly, organise the charging.
Not only is VoIP flavour of the year, but Newport comes with an impressive pedigree. Backing the company, which was set up in 2000, is the almost legendary Sir Terry Matthews, founder of Newbridge Networks which was sold for $7.1bn at the height of the boom.
Also on board as CEO is John Everard, a very senior executive with Newbridge for ten years.
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