Ooma, which provides internet-based telecom services for homes and small businesses, announced terms for its IPO on Monday.
The Palo Alto, CA-based company plans to raise $85 million by offering 5 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Ooma would command a fully diluted market value of $315 million.
The company competes with established telecom providers AT&T (T), Comcast (CMCSA) and Verizon (VZ) as well as Vonage (VG) and RingCentral (RNG).
Ooma, which was founded in 2003 and booked $76 million in sales for the 12 months ended April 30, 2015, plans to list on the NYSE under the symbol OOMA. Credit Suisse, BofA Merrill Lynch and JMP Securities are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2015.
