Cyan (CYNI) turns in a disappointing IPO. After pricing its 8M-share offering at $11, the...

|By:, SA News Editor

Cyan (CYNI) turns in a disappointing IPO. After pricing its 8M-share offering at $11, the telecom equipment/software provider opened at $10.05 and is currently at $10.68, down 2.9%. That's good for a market cap of $475M. Cyan, which competes with Cisco, Alcatel-Lucent, Ciena, and other top telecom equipment vendors, posted Q1 revenue of $26.3M (+85% Y/Y), and a net loss of $9.4M. (2012 results) (S-1)