Starent eyes $88.2M in offering

Starent Networks Corp. said it plans to net $88.2 million in a secondary public offering of its common shares.
The Boston-area mobile infrastructure provider said it will sell 8 million shares at $24 each: The company will sell 3.88 million shares, and “certain selling stockholders” will offer 4.12 million shares. Starent granted underwriters a 30-day option to purchase an additional 1.2 million shares to cover over-allotments.
Shares of Starent lost $1.16, or nearly 5%, settling at $23.62 following the news.
Starent claims more than 500 employees and generated $94 million in revenue last year. The firm last week announced a tie-up with the Taiwanese Ministry of Economic Affairs to push development of WiMAX in that country.