Open RAN vendor Mavenir cited market volatility as it dropped a planned IPO in the US, but indicated it may reattempt the move in future.
In a brief statement, Mavenir explained it will “reassess the market conditions in the coming months” and update potential investors. In a filing with the Securities and Exchange Commission (SEC), it requested regulatory fees paid for the IPO be “credited for future use”.
Mavenir last month outlined a plan to raise up to $100 million through a public listing, stating it would use the funds to pay down debt. It subsequently amended the target amount to approximately $376 million and then to $345 million, though Nasdaq reported it later reduced this to $275 million.
In an SEC filing, the company revealed Intel and NVIDIA each purchased $25 million in equity from controlling stakeholder Siris Capital Group, which were due to be converted to common shares upon completion of the IPO.
Paperwork submitted to the SEC showed Mavenir recorded a loss of $81 million with revenue of $427.4 million in its fiscal year 2019 (ended 31 January). In the six months to 31 July it posted revenue of $234.8 million and a loss of $5.5 million.Subscribe to our daily newsletter Back