Cable and wireless tech vendor Casa Systems shed more details about its planned IPO, noting an S-1/A filing Monday (December 4) that it expects to price 8.4 million shares in the range of $15 to $17 per share.
Casa Systems, a key maker of cable modem termination system and converged cable access platform gear and software, filed its original S-1 on November 17.
The company plans to list its common stock on the NASDAQ market under the “CASA” symbol. Underwriters for the offering include Morgan Stanley, Barclays Capital, Raymond James & Assoc., and Stifel, Nicholas & Co.
Casa, which has also been investing heavily into wireless systems, competes with vendors that include Arris, Cisco Systems, Harmonic, Huawei, Vecima Networks, and Nokia, which recently acquired virtual CCAP startup Gainspeed.
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Casa’s customers include Charter Communications (mostly via the Charter acquisition of Time Warner Cable), Rogers Communications and Mediacom Communications in North America; Televisa/IZZI Mexico and Megacable Mexico; Claro Telmex Columbia; Liberty Global, Vodafone and DNA Oyj; and Jupiter Communications and Beijing Gehua CATV Networks in the Asia Pacific region.
Casa generated revenues of $233.6 million through the first nine months of 2017 (with $125.3 million from North American customers), up 7.7%, and net income of $59.6 million, up 22% versus the corresponding year-ago nine-month period. The former TWC accounted for 36% of Casa’s revenues in the first nine months of 2017, compared to 11% coming from Liberty Global.
For all of 2016, Casa had revenues of $316.1 million and net income of $88.7 million, up 16% and 30.5%, respectively.
