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Ubiquiti IPO: fastest wireless growth is outside the US; risk factors and opportunities

I just posted a long article on MuniWireless about interesting points I found in the Ubiquiti (NASDAQ:UBNT) S-1 registration statement. Ubiquiti plans to raise $200M in an IPO (39.5 million shares). They will trade as UBNT.

The company does not have a long history but it is profitable. It sells Wi-Fi base stations and access points mostly to wireless ISPs in rural areas and developing countries. 70% of their sales are outside the US. They have no sales & marketing. They use their Ubiquiti Community to provide product feedback, tech support and to do viral marketing. This crowdsourcing model of selling equipment is quite novel, but it has allowed the company to grow without taking on huge costs. They are a big favorite among independent wireless ISPs (i.e. not the carriers). There are risks however with this model, especially as they enter new areas like enterprise WLAN, and I detail them in my MuniWireless article (too long to post here). 

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.