SiliconBeat

We’ve seen only one initial public offering successfully launched in Silicon Valley so far in
2008, and the year is nearly half over. It’s the slowest start to a year since 2003, when in the run up and immediate aftermath of the invasion of Iraq not a single valley company went public.

So the fact that two companies in the last two days registered their intention to sell shares to the public for the first time seems more noteworthy than it might have been in, say, 1999.

On Thursday, NextG Networks of San Jose said it would raise an estimated $150 million in its first offering of stock to the public. The company builds and maintains antenna systems on structures like utility poles and street lights that connect to a wireless carrier’s networks via fiber-optic cables.

NextG has yet to turn a profit and had accumulated a deficit of $26.8 million since its
inception seven years ago. It had $38.9 million in cash and short-term investments as of March 31.

Oak Investment Partners is the principle VC backing NextG and currently owns 7 million shares, or about 27 percent. The filing indicates that some of its current shareholders plan to sell some of their holdings with the IPO.

And today, Acclarent of Menlo Park filed its S-1 formally announcing its intent to sell an estimated $86.3 million worth of shares. The company is focused on medical devices designed for use by Ear, Nost and Throat doctors. Its currently focused on a device that uses balloon technology to treat patients suffering from chronic inflammation of the sinuses, those air-filled pockets within the bones of the face and skull.

Acclarent had sales of $10.2 million in its 2008 first quarter, more than double the same
period last year and equal to nearly half of sales in all of 2007. It burned $7.3 million in
operating cash during the most recent quarter and ended the quarter with $21 million in cash and short-term investments.

Acclarent’s principal VC backer is New Enterprise Associates which currently owns 44 percent of the company.