India-focused mobile co raises $126-mn from US IPO
US-based mobile multimedia products maker Starent Networks, which has nearly half of its workforce in India, has raised about $126 million from an initial public offer of its shares at the Nasdaq Stock Market.
By PTI |
NEW YORK: US-based mobile multimedia products maker Starent Networks, which has nearly half of its workforce in India, has raised about $126 million from an initial public offer of its shares at the Nasdaq Stock Market.
Starent, a provider of technology that lets mobile operators offer multimedia services to subscribers, said in a regulatory filing it has fixed the price of shares offered in the public issue at 12 dollars a share, higher than the upper band of the projected price band of 9-11 dollars.
The shares are expected to begin trading under the "STAR" symbol at NASDAQ later today.
Starent had offered over 10.5 million shares in the IPO, including about 1.5 million shares sold by the company's president and chief executive officer Ashraf M Dahod.
The company is expected to receive net proceeds of about 100 million dollars, after deducting the underwriting discounts and commissions and estimated offering expenses.
As of March 31, Starent had a total of 226 employees in India, out of its total headcount of 458 worldwide. Its R&D activities are based at two locations in India and two in the US. It posted revenue of 94.4 million dollars in 2006.
Starent, a provider of technology that lets mobile operators offer multimedia services to subscribers, said in a regulatory filing it has fixed the price of shares offered in the public issue at 12 dollars a share, higher than the upper band of the projected price band of 9-11 dollars.
The shares are expected to begin trading under the "STAR" symbol at NASDAQ later today.
Starent had offered over 10.5 million shares in the IPO, including about 1.5 million shares sold by the company's president and chief executive officer Ashraf M Dahod.
The company is expected to receive net proceeds of about 100 million dollars, after deducting the underwriting discounts and commissions and estimated offering expenses.
As of March 31, Starent had a total of 226 employees in India, out of its total headcount of 458 worldwide. Its R&D activities are based at two locations in India and two in the US. It posted revenue of 94.4 million dollars in 2006.
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The Massachusetts-based company derives a significant portion of revenues from outside the US and about 58 per cent of its employees are located in foreign locations.
Goldman Sachs and Lehman Brothers were the leading underwriters, while JP Morgan Securities and Thomas Weisel Partners also served as underwriters for the IPO.
The market for mobile network infrastructure products is very competitive and rapidly evolving, where Starent faces rivals like Cisco Systems, UTStarcom, LM Ericsson and Nokia.
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