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Meru Networks (NASDAQ:MERU), a California based provider of virtualized wireless LAN solution priced its IPO yesterday at $15 per share, at the high end of its range.

Business Overview (from prospectus)

We provide a virtualized wireless LAN solution that cost-effectively optimizes the enterprise network to deliver the performance, reliability, predictability and operational simplicity of a wired network, with the advantages of mobility. We enable enterprises to migrate their business-critical applications from wired networks to wireless networks, and become what we refer to as All-Wireless Enterprises.

Offering: 4.4 million shares at $15 per share (expected range was $13 - $15). Net proceeds from the offering will be used primarily for research and development, technology acquisition and general corporate purpose.

Lead Underwriters: BofA Merrill Lynch (NYSE:BAC), Robert Baird, Cowen & Company (NASDAQ:COWN)

Financial Highlights:

Total revenues increased to $69.5 million in 2009 from $54.7 million in 2008...Gross margin increased from 47% in 2008 to 60% for 2009...Sales and marketing expenses decreased to $25.8 million in 2009 from $30.2 million in 2008...Net loss decreased to $17.4 million in 2009 from $26.8 million in 2008...

Competitors

The wireless networking market is highly competitive and continually evolving. We believe that we compete primarily on the basis of providing a comprehensive solution that delivers high-performing, reliable and predictable wireless networking solutions in a cost-effective manner. We believe other principal competitive factors in our market include the ability to provide quality customer service and support, the ease with which a wireless network can be initially deployed and scaled to meet an enterprise’s needs, the interoperability of a wireless network with a wide range of devices, the ability to provide appropriate levels of security and the ability to bundle wireless products with other networking offerings.

Our primary competitors include Cisco Systems (NASDAQ:CSCO), primarily through its wireless networking business unit, Aruba Networks (NASDAQ:ARUN), Motorola (MOT) through its acquisition of Symbol Technologies and Hewlett-Packard (NYSE:HPQ) through its acquisition of Colubris Networks. We also face competition from a number of smaller private companies.

Additional Resources:

Source: Meru Networks Prices IPO at High End of Range