MTI Technology Stock Offer Raises $33 Million : Computers: It is data-storage firm’s first public offering. Investors garner an additional $15.3 million in own sale.

ANAHEIM — Fast-growing MTI Technology Corp. raised more than $30 million Thursday with its first public stock offering while several of its key investors garnered an additional $15.3 million selling shares of their own.

The offering by the data storage company occurred at the end of a tumultuous two weeks that saw the market drop by almost 200 points.

The company issued 4 million shares of common stock at $9 each and cleared $33.5 million after underwriting fees. At the same time, insiders including Chairman Ray Noorda sold a total of 1.7 million of their shares at the same price. The stock will be traded on the Nasdaq, over-the-counter market.

“It has been extremely hard to get an offering done in this very volatile market, so the fact that they got it done says a lot of good about the company,” said Kathleen S. Smith, an analyst with Renaissance Capital Corp., an industry analysis company in Greenwich, Conn.

“I think people are looking at MTI being a strong player in the market this year,” she said.

Smith said MTI’s management group is especially impressive because of the members’ backgrounds in computer systems development. Noorda, the chairman, also is chairman of computer software giant Novell Corp. of Provo, Utah.

MTI, founded in 1979, develops, sells and services data storage systems for mid-size business computer networks. It has 600 employees at facilities in the United States and Europe. The company has more than doubled its sales since 1990, when it first topped $50 million in revenue.

Smith said MTI is particularly competitive because it makes so-called open system products that can run on all of the most popular business computer operating systems. Companies like International Business Machines have resisted making products that run on other computer makers’ machines while MTI products run on IBM, Unix and DEC operating systems.

MTI reported profit of $1.5 million on $86 million in sales for the nine months ended Jan. 1. For the entire 1993 fiscal year, ended April 3, 1993, MTI reported sales of $116 million and a $8.9 million loss after a one-time charge of $10.1 million to settle a patent infringement lawsuit.

Steven J. Hamerslag, MTI president, said proceeds from the stock sale would be used to repay debts and for working capital.

The offering was underwritten by Prudential Securities and Furman Selz, both New York investment banks.