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Ethernet switch vendor Force10 files for IPO

Ethernet switching company Force10 Networks this week filed for a US$144 million IPO. The amount of shares and the price were not disclosed. Lead managers in the public offering are JP Morgan, Deutsche Bank and Barclays Capital. It will be listed on the New York Stock Exchange under the symbol “FTEN.”

 

The company booked US$138.4 million in revenue in 2009 but has been losing money and may never turn a profit, according to Force10’s S-1 filing with the SEC. The company lost US$76 million in 2009 and US$55 million in 2008.

 

Source: Network World

 

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