Thursday, October 13, 2011

Ubiquiti Networks Cuts Offering Range

San Jose-based Ubiquiti Networks said in a filing this morning that it now expects its initial public offering price to be between $15.00 and $17.00 a share, down from an earlier, $20 to $22 range. The maker of wireless equipment is selling $7,038,203 shares of its common stock on the NASDAQ Global Market. The firm is looking to trade as UBNT. Ubiquiti's IPO is being underwritten by UBS Investment Bank, Deutsche Bank Securities, Raymond James, Pacific Crest Securities, and ThinkEquity LLC. The firm's major venture backer is Summit Partners, which owns around 27.6 percent of the firm before its IPO. Ubiquity first filed for an IPo in June.