A10 Networks prices IPO at $15


A10's (ATEN) IPO price is at the high end of a $13-$15 range, and gives it an $885M valuation (6.2x trailing sales). The networking hardware vendor is selling 12.5M shares - 9M new shares, and 3.5M on behalf of existing holders.

A10 competes in the application delivery controller (ADC), carrier-grade NAT (CGN), and denial-of-service protection hardware markets. The company differentiates its products in part by leveraging a shared memory architecture for the CPUs within its boxes - A10 claims the architecture allows it to process more Web transactions than rival boxes with similar resources.

The company had 2013 revenue of $141.7M (+17% Y/Y), and a net loss of $27.1M. ADC leader F5, which once sued A10 for patent infringement, remains a tough rival.

Prospectus

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