INSUBCONTINENT EXCLUSIVE:
Netgear Arlo wing has been a surprise hit for the networking company
The line of cameras are relatively new to the market, but they&ve utterly dominated the connected security space, breathing new life into
the company in the process
Back in February, Netgear spun off Arlo, courtesy of unanimous board approval and announced plans to file an IPO in the process
That bit came to fruition this week, as the company filed an S-1 form with the U.S
Securities and Exchange Commission
The security camera company has also applied for the &ARLO& ticker symbol with the New York Stock Exchange
As it notes in a press release tied to the news, neither the number of shares nor price range have been determined yet
Earlier this year, however, it suggested that it would issue less than 20 percent of common stock, while retaining interest on the rest
As usual, all of this is pending approval from the U.S
Securities and Exchange Commission
According to the company, &BofA Merrill Lynch, Deutsche Bank Securities, and Guggenheim Securities are
acting as lead book-running managers for the proposed offering
Raymond James, Cowen and Imperial Capital are acting as joint book-running managers for the proposed offering.&
The Arlo line has been
highly successful for Netgear, in spite of it playing in a crowded market alongside the likes of Ring, Nest and Canary
The unit effectively doubled revenue between 2016 and 2017, as connected home devices pushed toward mainstream acceptance.
