Casa Systems announced the pricing of its initial public offering of 6 million shares of its common stock at a public offering price of $13 per share, before underwriting discounts and commissions. In addition, Casa has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock from Casa at the public offering price, less underwriting discounts and commissions. All of the shares are being offered by Casa. Casa's shares are scheduled to begin trading on The Nasdaq Global Select Market on Dec. 15 under the ticker symbol "CASA."
Summit Partners, Casa's largest stockholder and a venture capital firm that one of Casa's directors, Bruce Evans, is a managing director of, has indicated an interest in purchasing up to 250,000 shares in the offering, but in no event an amount that would have the effect of Summit Partners being the beneficial owner of 50% or more of Casa's outstanding shares following the offering. In addition, Casa President and Chief Executive Officer Jerry Guo has indicated an interest in purchasing up to 100,000 shares in the offering.
The offering is expected to close on Dec. 19, subject to customary closing conditions. A registration statement relating to the securities was declared effective by the Securities and Exchange Commission on Dec. 14.
