initial public offerings (IPOs) trading on American exchanges

Saturday, June 25, 2011

BlueArc Corp revives $100 mln IPO plans

(Reuters) - BlueArc Corp, which shelved its plans to go public nearly three years ago in the midst of the financial crisis, filed with U.S. regulators on Friday to raise up to $100 million in an initial public offering.

The company, which sells networked storage systems to businesses, told the U.S. Securities and Exchange Commission that JPMorgan, BofA Merrill Lynch and Credit Suisse were spearheading the underwriting of its offering.

BlueArc did not reveal the number of shares it plans to sell or their expected price.

In 2007, the company filed for an IPO of up to $103.5 million and counted the now-bankrupt Lehman Brothers as one of its underwriters.

The company said it intends to list its common stock either on Nasdaq or on the New York Stock Exchange under the symbol "BLRC."

The San Jose, California-based company has been posting losses since 2003 and expects this trend to continue, according to its regulatory filing.

It also does not expect to pay dividends in the foreseeable future.

The company counts Meritech Capital, Crosslink Capital and Morgenthaler Venture Partners as some of its stakeholders.

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