Mavenir, which provides cloud-native software applications for mobile networks, announced terms for its IPO on Wednesday.
The Richardson, TX-based company plans to raise $300 million by offering 13.6 million shares at a price range of $20 to $24. At the midpoint of the proposed range, Mavenir would command a fully diluted market value of $1.9 billion.
The company provides a suite of cloud-native software applications for network functionality that allows wireless service providers to meet the needs of their enterprise and consumer customers. Mavenir serves over 250 wireless service providers, including 17 of the 20 largest wireless service providers and the three largest in the US.
Mavenir, formerly known as Mavenir Systems, went public in 2013 and was acquired by Mitel in 2015 for $560 million. It was then rebranded as Mitel Mobile and sold to Xura in 2016. Xura was in turn acquired by Siris Capital, which merged the company with Ranzure and Mitel Mobile in 2017 and rebranded the new company as Mavenir.
Mavenir was founded in 2005 and booked $462 million in revenue for the 12 months ended July 31, 2020. It plans to list on the Nasdaq under the symbol MVNR. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Guggenheim Securities and Macquarie Capital are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
