Arista Networks Seeks Up to $210 Million in Cloud Computing IPOMohammed Hadi
Arista Networks Inc., a provider of computer networking equipment and services, is seeking as much as $210 million in its initial public offering.
The company plans to offer 5.25 million shares for $36 to $40 apiece, according to a regulatory filing today.
Arista, a competitor of Cisco Systems Inc., delayed the pricing of its offering until after the Memorial Day holiday to wait for better market conditions, people with knowledge of the matter said earlier this month. Technology stocks have rebounded from a selloff in April that saw the Bloomberg Americas Software Index suffer its worst monthly decline since October 2012.
The Santa Clara, California-based company makes cloud networking applications used by companies such as EBay Inc., Facebook Inc. and Yahoo! Inc., according to the filing. Arista’s net income almost doubled in 2013 to $42.5 million, as revenue rose 87 percent to $361.2 million, the document shows.
The IPO is being managed by Morgan Stanley and Citigroup Inc., according to the filing. Arista plans to list its shares on the New York Stock Exchange under the symbol ANET.