Airvana - Top U.S. Wireless IPOs in 2007

Symbol: AIRV
Hometown: Chelmsford, MA
Website: www.airvana.com [1]
Founded: 2000
Employees: 491
Date of IPO: July 19, 2007
Shares: 8.3 million
Offer price: $7
Underwriters: Morgan Stanley, Lehman Brothers

The company's background: Airvana's innovative technology allows CDMA carriers to launch 3G 1xEV-DO networks that use all-IP infrastructure. This means simply that Airvana's 3G networks can accommodate more data, which means carriers can offer more data services. Airvana's IP structure also makes it easier for carriers to manage their networks, and could even allow them to launch new services, such as VOIP through their cellular networks. The company claims Qualcomm was one of its chief investors and technology partners. Airvana's network equipment partners are Nortel Networks and Ericsson. The company's technology has been deployed by carriers around the world. For example, it helped Verizon Wireless launch its EV-DO service in San Diego in 2003 before turning its attention to EV-DO Rev. A rollouts. This past summer Airvana announced that it would begin trials of EV-DO Rev. B.

How did the IPO go? Shares of network infrastructure provider Airvana began trading in July after its IPO priced at $7 a share, just below the expected $8 to $10 per share range [2]. Airvana plans on using the proceeds to fund R&D and sales and marketing outside of the U.S. market by hiring more staff. The company has also indicated some of the proceeds will fund acquisitions. Following the IPO, the company expected to have 63.4 million shares outstanding.