Finance

Casa Systems IPO to Raise Up to $164.22M

Plans offer 8.4 million shares at up to $17 each 12/05/2017 9:54 AM Eastern

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.

RELATED: Nokia Closes Gainspeed Buy

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. 

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