It has been little over a year since Force10 Networks was acquired by Turin Networks and now the new company hopes to raise $143.8 million in an initial public offering.
Underwriting the IPO is an all star team that includes J.P. Morgan, Deutsche Bank Securities and Barclays Capital. When it completes the IPO, Force10 will be traded on the New York Stock Exchange under the symbol FTEN.
Although Force10 has been able to secure $500 million from private investors, the company's financial performance leaves much to be desired. In 2009, Force10 lost $76.3 million, so perhaps going public could provide its investors an exit strategy.
Force10 plans to leverage the proceeds from the IPO to acquire other companies in the switching and routing space.
- Wall Street Journal via Dow Jones has this article
- xChange also has this coverage
Turin Networks to merge with Force 10
Turin bought Carrier Access in December 2007