E-Tek Raises $60 Million in Offering

E-Tek Dynamics Inc., a maker of parts for fiber-optic networks, raised $60 million in an initial stock sale, providing further evidence of investors’ continuing enthusiasm for Internet-related stocks. The San Jose-based company and its selling shareholders sold 5 million shares at $12 each. That was at the top of the $10-to-$12 range set by lead underwriter Goldman, Sachs & Co., which raised the range from $8 to $10. Investors’ appetite for Internet stocks spilled over to E-Tek because it makes components that help fiber-optic cables--which carry Internet traffic--carry signals more quickly and with less interference. The relatively small stake sold--5 million shares are 8.1% of E-Tek’s 61.4 million shares outstanding--should help boost investor demand when the shares begin trading today.