Ubiquiti Networks files IPO

Wireless networking firm Ubiquiti Networks plans to launch an initial public offering, selling shares for $20 to $22 apiece, according to a company filing with the Securities and Exchange Commission.

Ubiquiti first floated the idea of going public in June, saying it wanted to raise up to $200 million, but the stock market has been in flux. The company has significantly reduced its expectations in terms of net proceeds, and now expects to rake in $43.9 million if the shares price at $21. The company plans to sell 2.4 million shares, and stockholders are selling 4.6 million shares. It wants to use the proceeds for working capital and to pay down debt. Acquisitions might be in Ubiquiti's future, too.

According to research firm Renaissance Capital, the most common IPOs done this year have been technology companies, accounting for some 35 deals.

Ubiquiti recorded revenue of $197.9 million in the fiscal year that ended in June, an increase of 44.5 percent from $137 million in the prior fiscal year. Ubiquiti recorded net income of $5 million in fiscal 2011 from a loss of $6.9 million a year earlier.

For more:
- see this Business Week article
- see this Reuters article

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