Days after chip maker MaxLiner raised $104 million and Petaluma, Calif.-based broadband gear maker Calix Networks went public, another networking equipment maker has successfully tapped the public markets. Meru Networks, which makes Wireless LAN equipment, today announced the pricing of its initial public offering of some 4.4 million shares at $15 each.
The company itself is offering 3.58 million shares, while selling shareholders are offering 811,784 shares. The 8-year-old company has a long list of venture investors including NeoCarta Ventures, Clearstone Ventures and DE Shaw & Co. Meru competes in the wireless LAN business with the likes of Cisco Systems, Motorola and Aruba Networks.
According to Redwood City, Calif.-based research group, the Dell ‘Oro Group, wireless LAN market revenues are expected to rebound in 2010, reaching $5.5 billion. So perhaps from that perspective, it was the right time for Meru to go public.