Starent files for $115M IPO

Starent Networks Corp. filed plans for an initial public offering. The company hopes to raise $115 million, according to reports.
The infrastructure software developer said the number of shares to be sold and the price range for the proposed IPO has not been determined. Goldman, Sachs and Co. and Lehman Brothers Inc. are set to act as joint book-running managers for the offering with J.P. Morgan Securities Inc. and Thomas Weisel Partners L.L.C. acting as co-managers.
Starent Networks offers hardware and software to wireless carriers that the company said supports the delivery of multimedia services. Starent counts Verizon Wireless, U.S. Cellular Corp., Virgin Mobile USA L.L.C., China Unicom and others as customers.
According to Starent’s filing with the Securities and Exchange Commission, the company scored $94 million in revenues in 2006 and a net income of $3.6 million.