Airvana IPO to fetch $66.5M

Infrastructure company Airvana plans to raise $66.5 million from an initial public offering, according to a filing with the SEC. The company hopes to raise $8 to $10 per share for the 8.3 million shares it expects to offer. Airvana said it will use the money to mostly fund R&D, sales and marketing outside of the U.S. The company also noted that some of the money could be used for acquisitions. During the fiscal quarter that ended at the end of March, Airvana posted net losses of $18.8 million on sales of $269,000. Nortel accounted for 100 percent of Airvana's billings for the quarter.

Morgan Stanley, Lehman Brothers, Deutsche Bank Securities and UBS Securities are underwriting the offering, and Airvana has given them the option to buy as many as 1.2 million additional shares to cover any over allotments. Airvana plans to list its shares on the Nasdaq as "AIRV".

For more on the IPO:
- read this AP article