Listen to this article

Parsippany”s PNY Technologies Wednesday filed a registration statement with the U.S. Securities and Exchange Commission for the sale of $100 million of its common stock in an initial public offering. The company did not disclose the offering price for the shares, but said it plans to list the stock on the Nasdaq National Market under the symbol “PNYT.” Lehman Brothers, Needham & Co. and Thomas Weisel Partners are listed as underwriters. The company said it plans to use proceeds from the offering to repay debt and for general corporate purposes. The $100 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Established in 1985, PNY Technologies is a designer and marketer of flash memory cards, USB flash drives, dynamic random access memory, or DRAM, modules, consumer and professional graphics cards and other computer-related technology products. The company markets its products to consumers through traditional retailers, such as Best Buy, CompUSA and Staples, through other retail and distribution channels, and directly to professionals. Its customers also include high-end computing, networking, storage and telecommunications equipment manufacturers, such as LSI Logic and Network Appliance.For the nine months ended September 30, 2003, the company had net sales of $258.6 million.In December 2001, the company withdrew a pending initial public offering of 8.9 million shares with a price range of $13 to $15 a share citing “unfavorable market conditions.”