Cyan, which provides next generation packet-optical transport systems for software-defined networks (SDNs), announced terms for its IPO on Thursday. The Petaluma, CA-based company plans to raise $88 million by offering 8 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Cyan would command a fully diluted market value of $586 million.
Cyan, which was founded in 2006 and booked $108 million in sales for the 12 months ended 3/31/2013, plans to list on the NYSE under the symbol CYNI. Cyan initially filed confidentially on 12/20/2012. Goldman Sachs, J.P. Morgan and Jefferies & Co. are the joint bookrunners on the deal.
