Proceeds used for working capital and other general corporate purposes
By Devika Patel
Knoxville, Tenn., May 9 - Cyan, Inc. said it priced its $88 million initial public offering of stock with a $13.2 million greenshoe. The deal was announced April 4. The shares will be listed on the New York Stock Exchange under the symbol "CYNI."
The company priced 8 million common shares at $11.00 per share.
Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint lead bookrunning managers, and Jefferies LLC is a bookrunning manager.
Proceeds will be used for working capital and other general corporate purposes.
The Petaluma, Calif., company helps network operators to virtualize their networks, accelerate service delivery and increase scalability and performance, while reducing costs.
| Issuer: | Cyan, Inc.
|
| Issue: | Common stock
|
| Amount: | $88 million
|
| Greenshoe: | $13.2 million
|
| Shares: | 8 million
|
| Price: | $11.00
|
| Warrants: | No
|
| Bookrunners: | Goldman Sachs & Co. and J.P. Morgan Securities LLC (joint leads) and Jefferies LLC
|
| Co-manager: | Pacific Crest Securities LLC
|
| Announcement date: | April 4
|
| Pricing date: | May 9
|
| Stock symbol: | NYSE: CYNI
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
