Meru Networks Inc. plans to raise up to $86.3 million in an initial public offering.
The Silicon Valley-based maker of WLAN products said on Monday it has filed its go-public intent with the Securities and Exchange Commission. The company intends to use at least some of the proceeds to expand its sales and marketing efforts, and fund research and development.
Meru lost $9.2 million in the first nine months of this year, down from a loss of $24.6 million in 2008. Sales amounted to $50.2 million.
BofA Merrill Lynch is acting as sole book-runner for the offering. Baird, Cowen and Company, JMP Securities LLC, and ThinkEquity LLC, are acting as co-managers.