Mavenir, which provides cloud-native software applications for mobile networks, postponed its IPO on Wednesday, citing market volatility. It plans to reassess market conditions in the coming months.
Mavenir previously filed to raise $275 million by offering 12.5 million shares at a price range of $20 to $24. The company had downsized its share offering by 8% on Monday.
The Richardson, TX-based company was founded in 2005 and booked $462 million in revenue for the 12 months ended July 31, 2020. It had planned to list on the Nasdaq under the symbol MVNR. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Guggenheim Securities and Macquarie Capital were set to be the joint bookrunners on the deal.
