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Opnext sets IPO at 16.9 million shares, $13-$15 each

WASHINGTON, Jan 29 (Reuters) - Opnext Inc., a data communications network component maker, set on Monday its planned initial public offering at 16.9 million shares for an estimated price of $13 to $15 each.

Goldman Sachs & Co., JPMorgan, CIBC World Markets, Cowen and Co., and Jefferies & Co. are underwriting the IPO, and have the option to buy an additional 2.5 million shares to cover over-allotments, according to an amended filing with the U.S. Securities and Exchange Commission.

The company intends to list its shares on the Nasdaq under the symbol "OPXT" <OPXT.O>.

Opnext is offering 10 million shares in the IPO, while stockholders are offering an additional 6.9 million shares. Opnext will not receive any of the proceeds from stockholders' sales.

The company estimates its net proceeds from the offering will total $125 million, which it will use for capital expenditures, research and development, sales and marketing, and debt repayment.

The principal shareholder selling shares in the IPO is Hitachi Ltd. <6501.T>, which is offering 6.67 million shares, leaving it with a 46.6 percent stake after the IPO.

Opnext was founded in September 2000 as a subsidiary of Hitachi and subsequently spun out of its fiber optic components business.

For the three months ended Dec. 31, the company's net income rose to $3.23 million from a net loss of $4.09 million a year ago, while sales increased to $61.74 million from $38.61 million.

Assuming an offering price of $14 per share, the midpoint of the range, the company will have an initial market capitalization of $868.2 million.

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