Enterasys rings NYSE bell

Enterasys rings NYSE bell

Enterasys Networks began trading confidently on the New York Stock Exchange in the US yesterday, closing 46 US cents higher than its IPO price of $13.29.

With Enterasys chairman and CEO Henry Fiallo ringing the bell to begin yesterday's trading, the networking vendor completed its split from former parent company Cabletron.

"Enterasys has come a long way since its inception in March 2000," said Fiallo in a prepared statement.

Ian Fewtrell, managing director of Enterasys Networks Australia, told ARN on the eve of the IPO the company was fairly optimistic about how the listing would be received by the market.

Despite claiming it would be business as usual at the networking vendor, Fewtrell admitted the listing presents a number of Enterasys' personnel with the opportunity to realise some shareholder value by cashing in some of their stock.

"Of course everyone's a bit excited, but this isn't going to take our eye off the ball," Fewtrell said.

For the most part, Fewtrell said the listing wouldn't affect the Australian operations, "as no-one's got enough stock to retire tomorrow". Nevertheless, the stock has provided a bit of an incentive to employees, he added.

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