Packet-optical transport and SDN platform vendor Cyan, Inc. (NYSE: CYNI) is ready for its initial public offering. The company has offered 8,000,000 shares of common stock at $11.00 per share on The New York Stock Exchange today. The shares will trade under the symbol CYNI.
Cyan announced its registration for the IPO last month (see “Cyan looks toward IPO”). The company has raised more than $70 million in funding. Azure Capital Partners, Grande Ventures, Kinetic Ventures, Northwest Venture Partners, Telecom Development Fund, Tenaya Capital, and Juniper Networks are current investors.
Cyan will sell all of the shares being sold in the offering. The underwriters have a 30-day option to purchase an additional 1,200,000 shares of common stock from Cyan at the IPO offering price. Company officials celebrated the occasion by ringing the opening bell at the NYSE this morning (Photo by Dario Cantatore/NYSE Euronext):
In early trading, the stock wasn't exactly ringing the bell itself, but it wasn't tanking either. The stock opened at $10.05 and was trading at $10.93 at around 11:45 AM EDT.
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as lead joint book-running managers for the offering. Jefferies LLC is acting as a book-running manager, and Pacific Crest Securities LLC is acting as a co-manager.
For more information on high-speed transmission systems and suppliers, visit the Lightwave Buyer’s Guide.