Wednesday, March 31, 2010

Meru Network Jumps In IPO Debut

Shares of Sunnyvale-based based Meru Networks, a developer of virtual wireless LAN products, jumped in its IPO Wednesday, up as much as 32 percent in trading during the day, closing at $19.17. The firm had initially estimated an opening range of $13.00 to $15.00 per share. Meru's IPO was underwritten by BofA Merrill Lynch, Baird, Cowen and Company, JMP Securities LLC, and ThinkEquity LLC. The firm was venture backed by Clearstone Venture Partners, Vision Opportunity Fund, NeoCarta Ventures, BlueStream Ventures, D.E. Shaw, Tenaya Capital, CID Group, and others.