Airvana IPO prices below expected range

Shares of network infrastructure provider Airvana began trading today, after its IPO priced at $7 a share, just below the expected $8 to $10 per share range. 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. Airvana posted new losses of $18.8 million on sales of $269,000 during the quarter ending April 1. Nortel accounted for all of the company's billings. Following the IPO, Airvana expects to have 63.4 million shares outstanding. Underwriters Morgan Stanley, Lehman Brothers, Deutsche Bank and UBS have an option to buy up to 1.2 million additional share to cover over-allotments. Airvana will trade under the symbol "AIRV."

For more on Airvana's IPO:
- read this AP article