A Raleigh-based telecommunications company has filed to raise $85 million in an initial public offering, according to a Securities and Exchange Commission filing on Friday.
Bandwidth Inc. hopes to use the money from the IPO for expansion of their sales, marketing and research and development. The company also plans to use the money for future strategic acquisitions although there are not agreements or commitments withstanding.
The Form S-1 did not list a proposed stock price range for the company. Bandwidth’s stock, if the IPO is successful, would trade on the Nasdaq using the ticker BAND.
The company was formed in 1999 as a home-office start up and grew to employ over 300 people. In 2009 the company reported revenues of $87 million.
Bandwidth is a telecommunications company that offers a full suite of voice, messaging and 9-1-1 APIs. Companies such as ZipRecruiter, Cisco and Dialpad all use Bandwidth’s technology.
The CEO and co-founder of the company is David Morken. His base salary is $375,000.
Morken is also the co-founder, chairman and former CEO of Republic Wireless, a mobile virtual network operator that sells low cost mobile phone services, which defaults to Wi-Fi and falls back to Sprint’s and T-Mobil’s cellular networks.
He also served in the Marine Corps as a judge advocate. He completed his undergraduate degree as student body president from Oral Roberts University. Then went to the University of Notre Dame Law School and is a member of the Virginia Bar Association.
Underwriters for the offering are Morgan Stanley & Co. LLC, KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Canaccord Genuity Inc. and JMP Securities LLC.
The company’s headquarters are on Centennial Campus at NC State University in Raleigh.
This story is from the North Carolina Business News, a service of the UNC-Chapel Hill School of Media and Journalism
