Meru Networks raised around $65.8 million in its initial public offering today, pricing around 4.4 million shares at $15 each. The company will use the proceeds for general purposes, including for an expansion of its sales and marketing.
The wireless LAN provider filed for its IPO in December, and at that time was looking to raise as much as $86.2 million.
The company said it priced its shares at the high end of what it expected; Meru was considering a range of $13 to $15 per share. Meru today began trading under the symbol "MERU."
Meru's net loss in 2009 came in at $17.4 million, down from $26.8 million in 2008. The company's revenue jumped 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.
The company's IPO is the eighth by a U.S.-based, venture-backed firm in the first quarter, the most in any quarter since the fourth quarter of 2007.
Meru's stock was trading at around $19.02 per share in mid-morning trading today.
For more:
- see this release
- see this Reuters article
- see this San Jose Business Journal article
Related Articles:
Meru Networks files for $86.2M IPO
T-Mobile USA partners with Meru on FMC technology