Voltaire cutting IPO expectations

You may recall that we reported a few weeks ago that Voltaire was planning an IPO, and that they thought the step might be worth as much as $100M US.

The AP is reporting this week that Voltaire is lowering its expectations a little, and now expects to walk away with $51.4M after expenses are paid (versus the $67.5M previously expected). The are offering fewer shares and expect them to fetch less.

For the three months ended March 31, Voltaire reported losses of $4.2 million, after paying preferred dividends, on sales of $8.6 million. Voltaire’s top three customers — International Business Machines Corp., Sun Microsystems Inc. and Hewlett-Packard Co. — accounted for 67 percent of the company’s sales during the quarter.