Gigamon Makes Stock Exchange Debut, Sees Shares Soar

This puts the total value of Gigamon's IPO, which was first filed in July, at roughly $128 million.

Gigamon said it sold 4.5 million of the total shares being offered, representing a value of $85.5 million. The remaining 2.25 million shares were sold by Gigamon stockholders, but those proceeds will not go to Gigamon.

[Related: 50 Cool Tools For Solution Providers ]

Gigamon, based in Milpitas, Calif., began trading on the New York Stock Exchange Wednesday, under the symbol "GIMO." In early morning trading, its shares surged as high as 37 percent.

Sponsored post

Founded in 2004 and led by CEO Paul Hooper, Gigamon specializes in making network and traffic visibility tools for both physical and virtualized networks. Flagship Gigamon products include its GigaVUE-VM fabric node, which builds on the functionality of Gigamon's Traffic Visibility Fabric to direct, identify and then analyze virtual machine traffic.

Gigamon has a formal partner program in place and told CRN it currently has "hundreds" of partners around the globe. Components of the program include discounts based on sales commitment and certifications, technical training resources for partners, deal registration and dedicated channel sales managers.

"We plan to continue to invest in strengthening our existing relationships with channel partners and expanding our network by adding new channel partners to broaden our reach and target new end-user customers," J.T. Eger, manager of corporate communications for Gigamon, said in a statement provided to CRN.

In North America, Gigamon recently signed on distributor Arrow ECS, and also works with Interlink Communications Systems.

According to a recent filing with the U.S. Securities and Exchange Commission, Gigamon ended its fiscal 2012 year with $96.7 million in revenue, up from the $68 million it reported in fiscal 2011. For the first three months of 2013, Gigamon posted a revenue of $25.8 million, compared to the $16.7 million in revenue it reported for the first three months of 2012.

Gigamon said Goldman Sachs, BofA Merrill Lynch and Credit Suisse are the lead book-running managers for its IPO, with Barclays and Raymond James also acting as managers.