Alpharel Makes 1st Public Offering at $11 a Share

Alpharel Inc., a maker of document-storage systems, last week had an initial public offering of 2 million shares of common stock at $11 a share. The underwriting was managed by Merrill Lynch Capital Markets.

In its latest fiscal year, Alpharel, which is based in Camarillo, had $13.9 million in sales and net income of $1 million.