Avaya IPO date tabled for April, losses narrow

After a series of delays Avaya's impending IPO, first announced last summer, now looks set to take place in April, according to sources close to the firm. The networking and unified comms specialist is hoping to raise $1bn through the sale of common stock, which it plans to use to pay down long-term

After a series of delays Avaya's impending IPO, first announced last summer, now looks set to take place in April, according to sources close to the firm.

The networking and unified comms specialist is hoping to raise $1bn through the sale of common stock, which it plans to use to pay down long-term debts.

According to Bloomberg Avaya had hoped to have completed its IPO by now but has put the date back a couple of times amid continuing macroeconomic uncertainty and stock market turbulence.

In an SEC filing earlier in the month Avaya also reported that its quarterly net loss was narrowing, down to $26m (£16.4m) in the most recent calendar quarter from $180m at the end of December 2010.

Much of this was down to restructuring costs, coupled with the lingering impact of its Nortel enterprise acquisition.

The vendor claimed sales of $1.39bn, up a little under 2%.

Officially, Avaya's lips remain tightly sealed over the precise timing of its return to the stock market.

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