Meru Networks, a fast-growing provider of wireless networking (LAN) solutions to small and large enterprises, raised $66 million by offering 4,386,784 shares at $15 per share, the high end of its $13 to $15 range. Insiders accounted for 811,784 or 19% of the offered shares. At its $15 offer price, Meru commands a market value of $264 million. For its fiscal year ended December 31, 2009, Meru booked $69 million in sales, up 27% from 2008. The Sunnyvale, CA based company, which was founded in 2002, represents the eighth venture-backed IPO so far in 2010 and comes on the heels of successful debuts last week by communications equipment vendor Calix (+16% first day pop) and fabless broadband video chip supplier MaxLinear (+34%), breathing new life into an IPO market that was searching for direction at the start of the year.
Meru Networks will begin trading on the NASDAQ on Wednesday under the symbol "MERU". BofA Merrill Lynch acted as the sole bookrunner on the deal.
