IPOs

Mobile network software provider Mavenir lowers deal size by 8% ahead of $275 million IPO

Mavenir, which provides cloud-native software applications for mobile networks, lowered the proposed deal size for its upcoming IPO on Monday.

The Richardson, TX-based company now plans to raise $275 million by offering 12.5 million shares at a price range of $20 to $24. The company had previously filed to offer 13.6 million shares at a range of $20 to $24. At the midpoint of the revised range, Mavenir will raise -8% less in proceeds than previously anticipated.

The company provides a suite of cloud-native software applications for network functionality that allows wireless service providers to meet the needs of their enterprise and consumer customers. Mavenir serves over 250 wireless service providers, including 17 of the 20 largest wireless service providers and the three largest in the US.

Mavenir, formerly known as Mavenir Systems, went public in 2013 and was acquired by Mitel in 2015 for $560 million. It was then rebranded as Mitel Mobile and sold to Xura in 2016. Xura was in turn acquired by Siris Capital, which merged the company with Ranzure and Mitel Mobile in 2017 and rebranded the new company as Mavenir.

Mavenir was founded in 2005 and booked $462 million in sales for the 12 months ended July 31, 2020. It plans to list on the Nasdaq under the symbol MVNR. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Guggenheim Securities and Macquarie Capital are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.

The article Mobile network software provider Mavenir lowers deal size by 8% ahead of $275 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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