Cambium Networks, a Rolling Meadows-based provider of wireless internet technology, went public on Wednesday. However, its shares began and ended the trading day under the $12 price of the initial public offering.
Shares of the company, trading on Nasdaq Global Market under the symbol “CMBM,” opened Wednesday at $10.08 a share and closed at $9.70.
In early June, when the company filed its IPO paperwork with the SEC, Cambium it mentioned it planned to promote 5.8 million shares at an estimated value of $13 to $15 a share, and use the estimated net proceeds of $72.4 million to pay down debt, for necessary corporate purposes and growth opportunities.
The firm, a Motorola Solutions spinoff, sells a mixture of wireless broadband merchandise to extend internet access for organizations like governments and companies. Among the firm’s major clients are mid-sized internet service providers.
Last year, the company reported $241.8 million in revenue, up from $216.7 million in 2017, following its registration statement with the U.S. Securities and Exchange Commission. Cambium Networks posted a loss of $1.5 million last year.
Atul Bhatnagar, president, and CEO of Cambium Networks mentioned the timing to go public couldn’t be better.
Cambium is also trying to make a presence within the 5G network by providing additional suitable wireless products, Bhatnagar stated.
Based on a report last year from Grand View Research, a market analysis group, the global wireless infrastructure market was valued at $69.4 billion in 2016 and is expected to grow.
Cambium joins more than 20 Illinois tech companies that have gone public in the final decade, according to online research agency Pitchbook Data. Most just lately, Xeris Pharmaceuticals, a Chicago-based, high-tech specialty drug company, went public last year.