PETALUMA -- Petaluma-based Cyan, Inc. (NYSE: CYNI) completed its initial public offering on Thursday, raising $88 million in the sale of 8 million shares priced at $11 per share.
Shares in the company were trading 14 cents higher when markets closed on Thursday, at $11.14 per share.
Launched as Cyan Optics in 2006 and renamed Cyan, Inc., in 2011, the company derives most of its revenue from systems that help Internet service providers and large data centers to dynamically control the way bandwidth is allocated across their networks, according to filings with the Securities and Exchange Commission.
Revenue at Cyan was $95.9 million in 2012, up from $40.4 million in 2011 and $23.5 million in 2010, according to the filing. The company had an accumulated deficit of $86.6 million at the end of 2012.
Underwriters of Cyan’s IPO are Goldman Sachs and JPMorgan plus Jeffries and Pacific Crest Securities. Those underwriters have a 30-day option to purchase up to 1,200,000 additional shares of common stock at the pricing offered in the IPO, according to information from Cyan.
Revenue from the IPO will generate working capital and funds for possible acquisitions, according to company filings.
The company had 219 employees at the end of 2012, up from 29 at the end of 2008, according to the filing. Cyan plans additional hiring of marketing and engineering staff this year.
Assets totaled $70.8 million at the end of last year. Cyan’s chief executive is Mark Floyd.