Casa Systems, a leading provider of CCAP products to broadband network operators, lowered the proposed deal size for its upcoming IPO on Thursday.
The Andover, MA-based company now plans to raise $78 million by offering 6 million shares at $13. The company had previously filed to offer 8.4 million shares at a range of $15 to $17. At the midpoint of the revised range, Casa Systems will raise 42% less in proceeds than previously anticipated.
Casa Systems was founded in 2003 and booked $333 million in sales for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol CASA. Morgan Stanley and Barclays are the joint bookrunners on the deal. It is expected to price during the week of December 11, 2017.
