US-based data storage device manufacturer BlueArc plans to raise up to $100m in its US flotation.
BlueArc intends to list on Nasdaq or on the New York Stock Exchange. The company previously filed with the Securities and Exchanges Commision (SEC) for an initial public offering (IPO) of up to $103.5m in 2007, only to withdraw its application in November 2008 due to marketing conditions. Lehman Brothers, which collapsed that year, was acting as one of the underwriters of that pulled IPO. Investment banks JP Morgan, Bank of America Merrill Lynch and Credit Suisse Securities will jointly underwrite the IPO.
BlueArc has raised more than $224m from Chevron Technology Ventures, the corporate venturing division of oil major Chevron; Dell Ventures, which invests for computer maker Dell; and venture capital firms Meritech Capital Partners, Crosslink Capital, Wasatch Advisors, Morgenthaler Ventures, Weston Presidio, RWI Group, Celtic House Venture Partners, Parkmead Group and Fort Washington Capital Partners.
Its rounds include $20m raised in July last year, led by Investor Growth Capital (IGC), the growth capital of of Sweden-based investment company Investor AB; and $29m from private equity firm Morgenthaler Ventures, Chevron Technology Ventures and investment fund Wasatch Advisors.
The series E round, in June 2005, led by Meritech Capital Partners and Crosslink Capital raised $15m, while the series D round, in July 2003, also led by Meritech, and participated in by Crosslink and RWI Ventures, raised $47m.
Founded in 1998, BlueArc manufactures network storage devices, primarily sold to businesses looking to store significant amounts of data.