Network Services Firm Infoblox Plans to Raise $125M in IPO

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Network infrastructure management provider Infoblox announced on Friday that it is looking to raise as much as $125 million in an initial public offering of stock.

Infoblox provides an appliance-based solution that is used in network automation and data centers. Its systems have been sold to more than 5,000 businesses and organizations including Adobe, Best Buy and IBM.

According to a report by Bloomberg, Infoblox did not specify the number or price of shares it will offer in the filing.

Proceeds of the offering will go to working capital and general corporate purposes, as well as potential acquisitions, according to Infoblox.

Infoblox hired Morgan Stanley and Goldman Sachs Group to manage the IPO.

Infoblox says its net revenue has more than doubled since 2009 from $61.7 million to $132.8 million in 2011. It posted a net loss of $5.3 million in the year to July 31, reversing a $7 million profit from a year earlier.

According to a report by AP, Infoblox had about 114 million common shares prior to the offering. Venture capital firm Sequoia Capital has a 29 percent stake in Infoblox, and CEO Robert Thomas has about 7.6 percent.

Infoblox will trade under the symbol BLOX.

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