Xtera Communications, which provides optical transport systems for long-haul terrestrial/submarine networks, lowered the proposed deal size for its upcoming IPO on Thursday.
The Allen, TX-based company now plans to raise $25 million by offering 5 million shares at a price of $5. The company had previously filed to offer 6 million shares at a range of $9 to $11. At the revised price, Xtera Communications will raise -55% fewer proceeds than previously anticipated.
Xtera Communications, which was founded in 1998 and booked $50 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol XCOM. Needham & Co., Cowen & Company and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 9, 2015.
