Mitel Networks Corporation has filed for a $230 million IPO. Mitel provides communication services to small and medium sized businesses. Mitel plans to use the money made from the IPO to reduce their debts.
Mitel will have the largest IPO in Ottawa. The details about the pricing terms are unknown. Mitel had revenues of $735.1 million in 2009. In the year before, Mitel had had revenues of $692 million. The company has not been profitable since becoming incorporated since 2001.
Bank of America, JP Morgan, and UBS are the investment companies underwriting the IPO. This is the second attempt that Mitel is making to go public.