Bandwidth Inc., a cloud-based communications platform for enterprises, filed for an initial public offering to raise up to $85 million.
The Raleigh, N.C.-based company, which intends to list its class A common stock on the Nasdaq Global Select Market under the ticker BAND, has not yet specified the number of shares or price range for the IPO.
The Communications Platform as a Service company has its own nationwide IP voice network purpose-built for its platform. The company currently only serves enterprises of various sizes, with customers including Alphabet Inc.'s Google Voice and Microsoft Corp.'s Microsoft Office 365 Skype for Business, Dialpad and GoDaddy.
Founded in 1999, Bandwidth generated $79.2 million in revenue for the first six months of 2017, up from $74.8 million in the year-earlier period. The company's net income for the six months ended June 30 came to $4.9 million, up from $4.6 million in the comparable 2016 period.
The company plans on using the net proceeds for general corporate reasons, including sales and marketing activities, including further expansion of the company's product development and sales and marketing organizations, repayment of debt, working capital and general and administrative matters and capital expenses.
Morgan Stanley & Co. LLC, KeyBanc Capital Markets Inc., Robert W. Baird & Co. Inc., Canaccord Genuity Inc. and JMP Securities LLC are serving as the underwriters for the IPO.