Cyan, Inc., a provider of software-defined networking and packet-optical platforms for network operators, announced the pricing of initial public offering of 8 million shares of common stock at $11.00 per share, which is the mid-point of its estimated range of $10.00 and $12.00 per share.
Cyan, the Petaluma networking equipment company, shares are expected to begin trading on The New York Stock Exchange on May 9, 2013 under the symbol CYNI.
Cyan is selling all of the shares being sold in the offering.
The underwriters have been granted a 30-day option to buy additional 1.2 million shares of common stock from Cyan at initial public offering price.
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as lead joint book-running managers for the offering. Jefferies LLC is acting as a book-running manager, and Pacific Crest Securities LLC is acting as a co-manager.
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