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BigBand Sets IPO Price Range

2/26/2007 8:44 AM Eastern

BigBand Networks said its initial public offering will be worth up to $147 million and it expects its shares to be priced at $10-$12 apiece, according to a revised registration statement it filed Monday with the Securities and Exchange Commission.

The company, which makes video-processing and data-networking systems, originally filed for an IPO Dec. 22.

BigBand will offer 7.5 million shares of its common stock through the IPO, and selling stockholders will offer 3.2 million. In addition, the firms underwriting the IPO -- Morgan Stanley, Jefferies & Co., Cowen & Co., ThinkEquity Partners and Merrill Lynch -- have the option to purchase 1.6 million shares to cover overallotments, BigBand said in the filing.

BigBand also said its common stock was approved for listing on NASDAQ under the symbol BBND.

After the IPO, BigBand said it will have 57.1 million shares of common stock outstanding, including 16.9 million for stock options and warrants issued as of Dec. 31, 2006, and 6 million reserved for future issuance as options.

BigBand’s biggest shareholders are its venture-capital backers: Redpoint Ventures, which owns 13 million shares (22.5% of post-IPO shares); Charles River Ventures, 11 million (19% of shares); and Meritech Capital Partners, with 4.9 million (8.5%).

Time Warner, which owns 2 million shares in BigBand, expects to offer 360,140 of them as part of the IPO, leaving it with a 2.9% ownership stake, according to BigBand’s filing.

September