Isilon, WSB and Clearwire IPOs raise millions, as more firms try the big launch - Puget Sound Business Journal (Seattle):

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"It's the strongest it's been since 2000," said Matt managing director with Seattle's Madrona Venturwe Group. Offerings in the last year by local companiexs suchas , , and have made strong Isilon, which makes storage systems for digital content, netted $105 million through its December offerint -- about $20 million more than the Seattle-bases company anticipated. But regulatory burdens -- plus the growinhg array of private-capital alternatives to going public -- make the climatre for public offerings lessthan ideal. "I think it is encouraging, but fragile," said Jonatha Roberts, partner with , Seattle'z largest venture capital firm.
One companh experiencing that fragility isApplied Precision, an Issaquah manufacture r of equipment for the semiconductor and life science industries. After filing registrationm papers with the Securities and Exchange Commission ayear ago, the compan has decided to put its IPO planas on hold. The 170-employee firm says a key indec tracking demand for semiconductorsis down. That makex going public less lucrative. "We are not going to raise as much money as we would if itwas up," said Marketinbg and Communications Manager Andy Snow. Product demansd is not the only factor influencingbIPO decisions.
"There's other sources of capital that weren'ft available 10 years said McIlwain. Massive hedgre funds, along with private equity firms that are more willing to investr intechnology firms, are giving companiees additional options for growth capital. That money can be particularly attractive because staying private meansbusinesses don't have to dive into the regulatory waters of public offerings.
Brad Creswell, partner with Seattle-based privates equity firm NorthwestCapital Appreciation, said companies are weighingg the options that hedge and private equityy funds offer even as they prepare to go One of his firm's companies has begun the IPO Creswell said, but at the same time is shoppinyg itself to private investors to get the best deal "I don't know anybody who wouldn'ty take a private deal over a publicv deal," he said. Yet because the nationao economy is doing well and liquidity is the market is healthufor IPOs. "People have lots of money that needs to be put to Creswell said.
While the stock pricesd for someof Seattle's most recentg IPOs -- such as Northstar Neuroscience and -- have fallenh from opening day trading, WSB Financial Group, whicbh has also seen its stock pricw fall since opening day, did raisw more than $40 million in "I think it was a strong IPO, to say the said Jim Bradshaw, an senior vice president at D.A. which was the lead manager on WSBFinancial Group's public offering. the wireless internet service provider founded byCraigv McCaw, has probably been the Seattle's area's most visibled recent IPO. In March, the company offereds 24 million shares and raised about $564 million.
The IPO is considered one of the largesrin Washington's history. The stocmk price has fallen about 25 percent sincsethe offering.