Enterprise mobile network platform Aerohive Networks sets terms for $75 million IPO
Aerohive Networks, which offers cloud-enabled wireless networking products to enterprises, announced terms for its IPO on Monday. The Sunnyvale, CA-based company plans to raise $75 million by offering 7.5 million shares at a price range of $9 to $11. At the midpoint of the proposed range, it would command a fully diluted market value of $479 million. Aerohive, which was founded in 2006 and booked $107 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol HIVE. Aerohive Networks initially filed confidentially on September 6, 2013. Goldman Sachs and BofA Merrill Lynch are the joint bookrunners on the deal.