PETALUMA -- Telecom equipment maker Calix plans to sell up to $100 million in stock in an initial public offering in 2010.
The filing Friday closely follows the company raising $100 million in debt and venture capital in June.
Calix is expecting to benefit from the $7.2 billion in stimulus funding slated for telecommunications network upgrades. It provides access equipment to 70 percent of the nation's rural and independent telecom carriers, which are likely to receive much of the funding.
Underwritten by Goldman Sachs & Co., Morgan Stanley, Jefferies & Co. Inc. and UBS Investment bank, the offering is slated for 2010. The filing is a preliminary one and offers no details on the total number of shares to be offered, but to calculate the registration fee Calix indicated a maximum value at $100 million.
For the 9 months ending September 30, 2009, Calix reported $144.6 million in revenue, and a loss of $25.2 million. For 2008, Calix reported $250.4 million in revenue and a loss of $12.9 million, according to the filing with the Securities & Exchange Commission.
The Petaluma maker of access equipment for communications providers has focused on growing its market, which it listed on the filing as comprising 500 customers with over 32 million subscriber lines. Calix customer are mostly rural and independent telephone companies, with some cable and network customers.
Founded by Telecom Valley veterans in 1999, the company was headed by Mike Hatfield, who now leads Cyan, another equipment maker. Carl Russo is Calix president and CEO.
Calix employs 400, according to the filing.