Aerohive Networks, the controllerless Wi-Fi and cloud-managed mobile networking provider, is proposing to issue an initial public offering (IPO) of shares.
It has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Goldman, Sachs & Co. and BofA Merrill Lynch are acting as joint book-running managers for the proposed offering, and Piper Jaffray & Co., William Blair & Company, L.L.C., and JMP Securities LLC are acting as co-managers for the proposed offering.
Shane Buckley, CEO of rival Wi-Fi equipment provider Xirrus, commented: “The Wi-Fi market remains white hot, and there’s seemingly no stopping it. We hear projections of 15% growth to a market size of $4.5 billion by the end of 2014, and that’s a consensus estimate. Growth like that has lead to a healthy flow of Wi-Fi IPOs in the past few years, and investors remain bullish about the huge growth potential for this market.”