Feb 18 (Reuters) - A10 Networks Inc, a network equipment maker, filed with U.S. regulators on Tuesday to raise up to $100 million in an initial public offering of common stock.
The San Jose, California-based company, which provides software-based networking services to internet companies and government organizations, listed Arbor Networks and Radware Ltd among its competitors.
Morgan Stanley & Co LLC, Merrill Lynch, Pierce, Fenner & Smith Inc and JP Morgan Securities LLC are lead underwriters to the IPO, A10 Networks said in a filing with U.S. Securities and Exchange Commission. ()
A10 Networks, headed by 60-year-old Lee Chan who holds about 21.3 percent stake in the company, counts Summit Partners L.P, Mitsui & Co Ltd as its other top stockholders.
The company reported an 18 percent jump in revenue to $141.7 million for the year ended Dec. 31. Loss narrowed to $27 million from $90.1 million during the same period.
Traffic for cloud-based applications is expected to rise at about 35 percent between 2012-2017, according to Cisco’s Global Cloud Index.
The company, which also provides security against attacks that cripple networks by overwhelming them with internet traffic, intends to list its common stock on the New York Stock Exchange under the symbol “ATEN”.
The filing did not reveal how many shares the company planned to sell or their expected price.
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 could be different.