Mitel Networks, a leading provider of IP-based communications solutions to the small-to-medium sized enterprise market, announced terms for its IPO on Tuesday. The Ontario-based company plans to raise $200 million by offering 10.5 million shares shares at a price range of $18-$20. At the mid-point of the proposed range, Mitel Networks will command a market value of $950 million. Mitel Networks, which was founded in 1972 and booked $655 million in sales for the year ended January 31st, 2010, plans to list on the NASDAQ under the symbol MITL. BofA Merrill Lynch, J.P. Morgan and UBS Investment Bank are the lead underwriters on the deal, for which timing was not disclosed.
