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Infinera Corp of Sunnyvale, CA, USA, a vertically integrated manufacturer of InP-based photonic integrated circuits (PICs) through to optical networking communications equipment, has priced its long-awaited initial public offering of 14 million shares at $10-12.00 each, to raise $139m on the NASDAQ Global Market (according to its filing with the US Securities and Exchange Commission) . Underwriters have the option to buy an extra 2.1 million shares. The firm plans to use the proceeds to develop new products, finance its growth, and make acquisitions to expand.

Infinera was founded in early 2001 as Zepton Networks Inc and has since raised over $330m in venture capital funding, including $78.8m in2006 (from investors including Advanced Equities, KPCB Holdings, Mobius VI, RWI Ventures, Benchmark Capital Partners, and Worldview Technology Partners).

For 2006, Infinera reported a loss of $89.1m. However, revenue has risen from just $0.6m in 2004 and $4.1m in 2005 to $58.7m in 2006 (including $44.3m in Q4). For the quarter to end-March 2007, revenue grew 12% sequentially to $49m.

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Visit: http://www.infinera.com