Ooma (OOMA) Sees IPO Price of $16 - $18/Share

Ooma, Inc., (NYSE: OOMA) filed an amended registration with the U.S. SEC for an IPO of its Common Stock. The company plans to sell 5 million shares of its Common Stock and sees an offering price of $16 to $18 per share. The company plans to trade on the NYSE under the symbol, "OOMA."

Underwriters on the offering at Credit Suisse, BofA Merrill Lynch, JMP Securities, William Blair, and Wunderlich.

Financial summary: "We have a predictable revenue model with growth in recurring revenue, with total revenue of $39.2 million, $53.7 million and $72.2 million in fiscal 2013, fiscal 2014 and fiscal 2015, respectively. Our total revenue for the three months ended April 30, 2014 and 2015 was $16.3 million and $19.9 million, respectively. Subscription and services revenue, which includes the recurring portion of our total revenue, has increased as a percentage of our total revenue over the last four years, from approximately 30% in fiscal 2011 to 75% in fiscal 2015. It has also increased as a percentage of our total revenue from 67% for the three months ended April 30, 2014 to 78% for the three months ended April 30, 2015. We have continued to make significant investments in research and development, brand marketing and channel development, incurring net losses of $(3.7) million, $(2.0) million and $(6.4) million in fiscal 2013, fiscal 2014 and fiscal 2015, respectively, and a net loss of $(3.9) million for the three months ended April 30, 2015. In addition, we had net income of $0.5 million for the three months ended April 30, 2014. Therefore, our Adjusted EBITDA was $(2.2) million, $(0.4) million and $(3.5) million in fiscal 2013, fiscal 2014 and fiscal 2015, respectively, and $1.0 million and $(1.9) million for the three months ended April 30, 2014 and 2015, respectively."

Ooma is a leading provider of innovative communications solutions and other connected services to small business, home and mobile users.

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