Wireless LAN provider Meru Networks raised about $65.8 million in its initial public offering yesterday, pricing approximately 4.4 million shares at $15 each.
Meru said it will use the proceeds for general purposes, including an expansion of its sales and marketing efforts. When Meru filed for its IPO in December, it indicated it was looking to raise as much as $86.2 million. But the company said it priced its shares at the high end of what it anticipated.
Meru's net loss in 2009 was $17.4 million, down from $26.8 million in 2008. The company's revenue increased to $69.5 million, up 27 percent from $54.7 million in the year-ago period. The company partnered earlier this year with T-Mobile USA to bring fixed-mobile convergence offerings to enterprise customers via unlicensed mobile access technology.