The cable equipment vendor had the swagger in 2015. Has it got the goods to finally go public in 2017?
Cable hardware provider Casa Systems is finally preparing for a $150 million initial public offering, after first talking to Light Reading about the possibility of listing its stock in 2015.
Andover, Mass.-based Casa Systems Inc. was formed in 2003. It lists Time Warner Cable Inc. (NYSE: TWC), Charter Communications Inc. and Vodafone Group plc (NYSE: VOD) among its customers.
Casa's CEO Jerry Guo was talking about an IPO with Light Reading as early as late spring 2015, citing a high growth rate and a positive cash flow. (See Casa Systems Lines Up an IPO.)
According to Casa's S-1 filing, the company generated revenues of $233.6 million during the nine months ended September 30, 2017, up 7.7% compared with the same period a year earlier. Operating income for the nine-month period was $81.8 million, up by 27.6% year-on-year, while net income came in at $7.7 million, or $0.89 per diluted share.
In the full year 2016, Casa generated revenues of $316.1 million and operating income of $114.8 million.
It plans to list under the symbol "CASA" on Nasdaq.
For more on Casa, see:
— Dan Jones, Mobile Editor, Light Reading
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