If you're chomping at the bit for a Mitel Networks IPO, don't hold your breath (editor's note: see update below). In the wake of posting its fiscal 2005 results, CFO Steve Spooner said while an IPO in the next 12 to 18 months is the goal, the IP-PBX maker is not under any pressure after raising US$55 million of convertible debt earlier this year. "We don't have a gun to our heads to raise capital," he said. "Mitel can go public when it makes sense for Mitel." If truth be told, the capital climate for IP-PBX makers is far from bullish so that's one reason to hold off on an IPO. It would also be a good thing if Mitel can move into the black after losing US$49.6-million in fiscal 2005. Still, Mitel is playing in a growth market as Infonetics reported IP-PBX sales jumped 36% in the first-quarter compared with a year earlier.
Update (May 10, 2006): Mitel is finally doing an IPO to apparently raise as much as $150-million for general corporate purposes. Perhaps the most interesting aspect of the offering is this will be the second time that Terry Matthews, who owns 64% of the company, has taken Mitel public.