Ten-year-old IP network services provider Masergy Communications Inc. aims to make up to $100 million in its initial public offering.
The Plano, Texas-based company which was chosen as a PHONE+ Top 50 Channel Program in September didnt say why its ready to go public now. However, there are some likely contributing factors.
First, Masergy increased its profit by 25 percent and sales by 7.2 percent in the third quarter alone. Second, even though the IPO market remains iffy, October was poised to tie for the busiest month this year in the United States, the Wall Street Journal said on Oct. 29. And, in the three months ended Sept. 30, the technology sector boasted eight IPOs, compared to four a year earlier, according to PriceWaterhouseCoopers.
Since its founding in 2000, Masergy has built its own network, which now reaches about 3,900 customers in 49 countries, in a number of industries. Clients include Hallmark, Dunkin Donuts and Cabelas. Masergy intends to trade on the New York Stock Exchange under the ticker symbol MSGY. The operator would use IPO proceeds for capital expenditures and working capital, it said in a regulatory filing.