NEWCOMER XYLAN CORP. PLANS 2ND STOCK OFFERING.

Byline: Deborah Adamson Daily News Staff Writer

Two months after it went public in a splashy debut, Xylan Corp. is planning to raise money again in a secondary stock offering.

The Calabasas-based company, which makes products enabling computers to talk to each other simultaneously, has filed with the Securities and Exchange Commission to offer 3.5 million shares of common stock. Xylan shares closed Monday at $66, down 1-3/4.

Forty small investors, who put up seed capital for Xylan, will be selling 1.75 million shares, or 25 percent of their collective holdings. On a split-adjusted basis, their shares were purchased for 55 cents a piece in 1993.

Three Xylan executives also are selling: Co-founder Yuri Pikover will unload 60,000 of his 3 million shares, while two junior officers will sell 40,000 shares, less than 10 percent of their positions.

Four venture capitalist firms will be unloading 1.2 million shares, or 7.5 percent of their positions.

High demand from investors pushed Xylan's stock from an initial offering price of $26 a share to 58-3/8 on its first day of trading March 12. Since then it has dipped as low as 51-1/4 and reached a high of 73-1/2.

Chief Financial Officer Stephen Cordial said the high stock price and only 5 million shares available in the market persuaded the company to make a secondary offering.

``The enthusiasm that people have shown for the Xylan story surprised us,'' he said. ``They remain enthusiastic, so let us continue to let them show their enthusiasm.''

The company will also be selling 400,000 shares in the offering, which should be completed later this month. The estimated $26 million in proceeds will be used to fund working capital and research and development.