Gigamon IPO watch: Network traffic solution provider Gigamon LCC filed its IPO registration statement on Form S-1 with the U.S. Securities and Exchange Commission on July 13, 2012. The company intends to apply to trade its shares of common stock publicly under the symbol “GIMO.” The maximum aggregate offering price of this deal is $100 million. Gigamon IPO price range and the specific number of shares which will be sold in the public offering have not been disclosed in the regulatory filing.
Gigamon was established in 2004 and is engaged in providing solutions for visibility and control of traffic across networks for enterprises. Its solution – Traffic Visibility Fabric provides visibility and control over network traffic including voice, video and data, that organizations need to successfully manage, analyze and secure their network environments. The company sells products directly through its own sales force and indirectly through the channel partners. Its customer base covers 43 of the Fortune 100. The company grew total revenue from $31.4 million in 2009 to $68.1 million in 2011, representing a compound annual growth rate of 47%. For the three months ended March 31, 2012, the company recognized revenues of $16.7 million, representing 66% growth over $10.1 million for the three months ended March 31, 2011. The company has generated positive cash flows in each of the last six years.
Gigamon will not receive any of the proceeds from the sale of the shares by the selling stockholders. Net proceeds from the sale of common shares in Gigamon IPO will be used to satisfy the obligations to holders of performance units under a performance unit plan; to acquire or invest in complementary businesses, products, services, technologies or other assets and for working capital and other general corporate purposes.
Goldman, Sachs & Co., BofA Merrill Lynch and Credit Suisse are acting as the representatives of the underwriters for Gigamon IPO. Barclays and Raymond James are also working as the co-managers for Gigamon IPO.
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