Arista Networks, which sells 10/40/100 Gigabit Ethernet switches and software for cloud-computing data centers, announced terms for its IPO on Tuesday. The Santa Clara, CA-based company plans to raise $200 million by offering 5.3 million shares at a price range of $36 to $40. At the midpoint of the proposed range, it would command a fully diluted market value of $2.8 billion.
Arista Networks, which was founded in 2004 and booked $417 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol ANET. The company initially filed confidentially on January 31, 2014. Morgan Stanley, Citi, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price next week.
