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04 Jan 2010
Wireless LAN vendor Meru Networks has filed its initial public offering (IPO) prospectus amid growing optimism that 2010 will be a better year for tech listings.
In the run up to Christmas, Meru logged a statement with the Securities and Exchange Commission for an IPO of up to $86.3m (£53.2m).
According to Gartner, enterprise wireless LAN equipment sales will almost double to $3.6bn by 2010 and Meru is keen to grab a larger slice of the pie from more established rivals such as Cisco and Aruba Networks.
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“Our goal is to become the leading provider of wireless networking solutions for the enterprise," Meru said in its IPO prospectus.
Meru has failed to make a profit since its inception but saw losses for the nine months ended 30 September narrow from $24.6m to $9.2m year on year. Revenue rose 34 per cent to $50.2m.
The vendor plans to list on the New York Stock Exchange under the symbol MERU. Proceeds will be used for “general corporate purposes”, including sales and marketing expansion and research and development.
“We believe that enterprises will increasingly seek to leverage the benefits of an all-wireless network infrastructure,” Meru added.
Meru’s flotation plans come amid growing chatter that more tech firms will go public in 2010 after a dismal 2009. Just eight venture capital-backed firms took the plunge last year, according to a Wall Street Journal article citing data from VentureSource.
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