CO telecom giant Zayo will go public at $21-24 per share

by Garrett Reim
October 7, 2014

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After months of anticipation, the Boulder bandwidth provider Zayo Group is moving forward with its IPO, setting the price range yesterday. This puts the company on track to raise as much as $232 million.

The offering consists of 28.9 million shares of common stock with a par value of $0.001 per share. 11.1 million shares come from the company itself and another 17.8 million are from current stockholders. The price is expected to range from $21-24 per share.

Goldman Sachs, Barclays, and Morgan Stanley will serve as lead joint book-running managers and represent the underwriters. Securities will be offered only by means of a prospectus. A registration statement has been filed with the SEC but has not yet become effective.

[ibimage==30192==Medium==none==self==ibimage_align-right]Zayo CEO Dan Caruso and his team have been mulling an IPO since at least 2011. In 2012, the company pulled down $470 million in funding, which fueled several major acquisitions. It has grown into an international company, serving around 300 markets in the United States and Europe and boasting 77,000 total miles of dark fiber.

At the same time, Zayo has strengthened its Colorado base, opening a new LoDo office over the summer to accommodate some of its over 150 new hires. It has won accolades for its relaxed office culture and symbolizes the importance of the telecom sector to the state's economic health.

As it pursued hiring and acquisitions, Zayo operated at a loss for some time. Now, the company looks to recoup on its strategy of aggressive spending.

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