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Cisco owns 8.5% of little known IPO Mavenir Systems (MVNR)

It turns out that one of the beneficiaries of the IPO earlier this week of a little known mobile infrastructure solutions vendor for LTE operators, Mavenir Systems (MVNR), was none other than Cisco which now owns 2,034,299 shares (8.5%) of Mavenir after the IPO.

Hummelstown, PA:   Sat, 11/9/13 - 11:59pm    View comments
 

MavenirCiscoIt turns out that one of the beneficiaries of the IPO earlier this week of a little known mobile infrastructure solutions vendor for LTE operators, Mavenir Systems (MVNR), was none other than Cisco which now owns 2,034,299 shares (8.5%) of Mavenir after the IPO.
 

Here's how Cisco's Mavenir is transforming mobile networks

Here's how Cisco's Mavenir is transforming mobile networks
 

Financial results of Cisco's Mavenir operations

Financial results of Cisco's Mavenir operations
Source: U.S. Securities and Exchange Commission
 

Interestingly, Mavenir states (page 19):

"Our reseller agreement with Cisco Systems, our most significant sales channel by revenue, accounted for approximately 70%, 47% and 35% of our total revenue for the years ended December 31, 2010, 2011 and 2012, respectively, and 37% of our revenue for the six months ended June 30, 2013."

Mavenir continued (page 142):

"During 2012, 2011 and 2010, we earned $25.7 million, $23.3 million and $5.8 million in revenues under the Reseller OEM Agreement with Cisco, respectively."

The Cisco Mavenir IPO offering was priced at $10.00 per share for 5,450,000 shares on Thursday, November 7, 2013. The opening price was $11.50 per share and went as high as $12.00 per share Thursday.

However most forebodingly, Cisco's Mavenir stock closed down the next trading day, Friday, at $9.25 per share, that's a -22.91% "haircut" from Thursday's high giving Cisco's Mavenir a stock market cap of $213.8 million on a company that has grown revenues +20.62% during the first 6-months of 2013 vs. 2012.

Related document:

Mavenir's final prospectus
 


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