Monday, December 21, 2009

Meru Networks Files For IPO

Sunnyvale-based Meru Networks, a developer of virtual wireless LAN products, filed for an IPO Friday afternoon, saying that it is looking to raise up to $86.25M in an IPO on the NYSE. Meru said it hopes to trade under the symbol MERU. The IPO is being underwritten by BofA Merrill Lynch, along with Baird, Cowen and Company, JMP Securities LLC, and ThinkEquity LLC. The firm reported a net loss of $9.2M on revenues of $50.242M for the nine months ended September 30, 2009. MERU is venture backed by Clearstone Venture Partners, Vision Opportunity Fund, NeoCarta Ventures, BlueStream Ventures, D.E. Shaw, Tenaya Capital, CID Group, and others.