Cyan Inc., a Petaluma telecommunications company that makes networking hardware and software, has announced plans for an initial public offering of shares of its common stock, the company announced Thursday.
Goldman, Sachs and Co. and J.P. Morgan Securities are acting as lead managers for the proposed offering, according to a news release.
Cyan is hoping to raise a maximum of $75 million in its IPO, according to its registration statement filed with the U.S. Securities and Exchange Commission. Its common stock is expected to trade on the New York Stock Exchange under the symbol "CYNI." The number of shares to be offered and the price range for the offering have not yet been determined, the news release said.
The company's founder and president, Mike Hatfield, is a veteran of the region's Telecom Valley. He previously started Calix and co-founded Cerent Corp., which sold to Cisco in 1999 for a Telecom Valley record $7.3 billion. Hatfield could not immediately be reached for comment.
The company is the second in Sonoma County to announce an IPO in two days.