Avaya Files for $1 Billion IPOBy CIOinsight | Posted 06-10-2011
Avaya officials have filed the necessary papers for a $1 billion IPO following two days of speculation.
The Wall Street Journal had reported June 7 that Avaya, a networking and communications technology vendor, was preparing to go public again, taking advantage of a newly energized IPO market buoyed by the likes of LinkedIn and Groupon.
Avaya officials late June 9 announced that they had filed the paperwork with the Securities and Exchange Commission seeking to sell $1 billion worth of stock in the company. Analysts had said the IPO would be about 20 percent of the company's worth, putting the overall value of Avaya at about $5 billion.
According to Avaya, the company will use some of that $1 billion to pay down long-term debt, among other things.
The company issued a release, but a spokesperson said Avaya executives would not comment further on the IPO.
Handling the public offering will be Morgan Stanley & Co., Goldman, Sachs & Co., J.P.Morgan Securities, Citigroup Global Markets, Deutsche Bank Securities, B of A Merrill Lynch, Barclay's Capital, UBS Investment Bank and Credit Suisse Securities.
To read the original eWeek article, click here: Avaya Files for $1 Billion IPO