(Corrects headline to clarify company has set a price range and
not yet priced its IPO)
* Plans to list on Nasdaq under the symbol "UBNT"
* UBS, Deutsche Bank, Raymond James underwriting IPO
Oct 4 Ubiquiti Networks, a maker of wireless
networking products, expects to sell 7 million common shares
priced at $20-$22 apiece in a rare move to price an initial
public offering in a sluggish market.
The company, partly owned by entities affiliated with Summit
Partners LP, is selling 2.4 million shares, with the
rest being offered by selling stockholders.
The U.S. IPO market has struggled as concerns
about Europe's debt crisis and a weak recovery in the United
States have made markets volatile. A number of deals were
withdrawn in the past few months.
Growing demand for broadband voice, video and data
communication is spurring growth at companies that make wireless
networking gear -- crucial to improving connectivity.
For the year ended June 30, Ubiquiti posted a net income
attributable to common shareholders of $4.9 million.
Ubiquiti plans to list its shares on Nasdaq under the symbol
UBS Investment Bank, Deutsche Bank Securities, Raymond
James, Pacific Crest Securities and ThinkEquity LLC are
underwriting the offering.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO can be different.
(Reporting by Brenton Cordeiro and Tanya Agrawal in Bangalore;
Editing by Viraj Nair)