Wireless Networking Solutions: Ubiquiti Networks Filed For IPO (UBNT)

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Ubiquiti Networks, Inc. has filed its paperwork for an initial public offering of shares of common stock.  The filing calls for as many as 39.5 million common shares to be sold with the aim of raising up to $200 million.  Upon completion of the offering the company will lists its shares on the NASDAQ under the ticker symbol UBNT.

The company provides wireless networking solutions to both start-up and established network operators and service providers.  Through its product offerings, the company aspires to change the economics of deploying high performance wireless networking solutions in underserved markets broadband access markets. These include emerging markets and other areas where individual users and small and medium-sized enterprises do not have access to the benefits of carrier class wireless broadband networking.

The company has posted increasing revenues during 2008 through 20010.  After profitable years in 2008 and 2009 Ubiquiti Networks, Inc. experienced a $6.9 million loss on $137 million in revenues in 2010.  For the first nine months of 2011 the company is showing a return to profitability, posting revenues of $130.0 million versus $97 million for 2010 and net income of $11.1 million versus a loss of $14.8 million.

Summit Partners, L.P. owns more than 36% of the company and 58.6% of the company is owned by CEO Robert J. Pera.  UBS and Raymond James as the principal underwriters.

The full SEC filing is available here.

Jim Berdou