Mitel Networks files for $150 million IPO

Mitel Networks Corp. on Wednesday filed with U.S. regulators for an initial public offering of common shares in the United States and Canada.

The Ottawa, Ontario-based provider of communications services said in a filing with the U.S. Securities and Exchange Commission that Morgan Stanley, RBC Capital Markets and Merrill Lynch & Co. would be the lead underwriters for the offering.

Genuity Capital Markets, Thomas Weisel Partners and National Bank Financial Inc. are assisting in the underwriting.

The document did not disclose how many shares the company plans to sell or at what price. Those details will likely be revealed in future filings.

Mitel said it will use the proceeds from the IPO for working capital, to expand selling and marketing activities, for research and development programs, and for general corporate purposes, which may include acquisitions.

For the nine months that ended Jan. 31, Mitel reported a net loss of $21.9 million on $285.2 million of revenue. For the year-earlier period, the company posted a net loss of $34 million on $251.1 million of revenue.

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