Mavenir Systems (MVNR) Files $86.25M IPO

Mavenir Systems, Inc. (NYSE: MVNR) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of Common Stock. The proposed maximum offering price is $86.25 million. The company plans to list on the New York Stock Exchange under the symbol, MVNR.

The offering is being made through Morgan Stanley, BofA Merrill Lynch, Deutsche Bank Securities, and Needham & Company.

Brief financial summary from the company: We commenced operations in 2005 and began product sales in 2007. Our unaudited pro forma 2011 revenue, which assumes a full-year contribution from Airwide Solutions, Inc. (Airwide Solutions), a business we acquired in May 2011, was $66.8 million. For the year ended December 31, 2012, our reported revenue was $73.8 million, compared with $49.5 million and $8.3 million for the years ended December 31, 2011 and 2010, respectively. In addition, our operating loss was $(14.6) million, $(19.2) million and $(10.2) million for the years ended December 31, 2012, 2011 and 2010, respectively. For the six months ended June 30, 2013 and 2012, our reported revenue was $48.2 million and $39.9 million, respectively, and operating loss was $(2.6) million and $(4.5) million, respectively.

Mavenir Systems is a provider of software-based telecommunications networking solutions that enable mobile service providers to deliver internet protocol (IP)-based voice, video, rich communications and enhanced messaging services to their subscribers globally.

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