- Netgear (NASDAQ:NTGR) camera unit Arlo Technologies has filed its registration statement for an initial public offering.
- Shares in Netgear are up 3% after hours.
- The company hasn't set a share number or price range (it has a placeholder amount of $100M), but is applying to list on the NYSE under the ticker ARLO.
- The filing comes via lead managers BofA Merrill Lynch, Deutsche Bank (DE:DBKGn) Securities, and Guggenheim Securities, along with Raymond James, Cowen and Imperial Capital.
- In its statement, the company notes it has 1.9M registered Arlo users and 40% market share in the U.S. consumer network-connected camera systems market.
- In selected combined financial data, the company notes revenue for the three months ended April 1 was $100.6M (up 63% Y/Y) and gross profit rose to $29.1M from $16.35M. It points to a net loss of $5.36M with higher expenses, including separation expense.
- In competition, Amazon.com (NASDAQ:AMZN) looms large, as it not only supplies the AWS platform for Arlo but produces the competing Cloud Cam and bought two other competitors (Blink and Ring). Other competitors include Nest (GOOG, GOOGL), Swann, Night Owl, Belkin (OTC:FXCOF), Samsung (OTC:SSNLF), D-Link and Canary.
- S-1 registration
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Original article