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Cyan sets terms of IPO

Cyan Inc., has set the terms of its initial public stock offering, according to filings with the Securities and Exchange Commission.

The Petaluma networking equipment company, which has 254 employees, is hoping to raise up to $110.4 million by selling 9.2 million shares at up to $12 per share.

The stock is expected be listed on the New York Stock Exchange under the symbol CYNI.

Cyan reported $95.9 million in sales last year, up from $40.4 million in 2011. It lost $16.6 million last year, up from $15.9 million in losses in 2011.


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