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Avaya files for $1 billion IPO
June 10, 2011 | William Zimmerman
NEW YORK (CNNMoney) -- Next on the long list of tech companies rushing to take advantage of a suddenly friendly IPO climate: Avaya, which makes telecom equipment, filed Thursday to raise up to $1 billion in a public offering.
Avaya said in its filing that it will use to the money to "pay down certain long-term indebtedness." The company makes telecom infrastructure, video calling products and other data and communications technology.
The company's fiscal year began October 1, and in the six months ended March 31, Avaya booked $5.1 billion in revenue.
But Avaya isn't profitable. It lost $615 million in the first six months of this fiscal year, and hasn't netted a profit since 2007.
Avaya, which is based in Basking Ridge, N.J., began life as a unit of AT&T (T, Fortune 500). In 1996, Lucent spun off from AT&T and Avaya became Lucent's business communications unit.
Avaya itself spun off from Lucent in 2000, and it began trading as a public company in October of that year. It went private again in 2007 through a buyout by TPG Capital and Silver Lake Partners.
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