Provider of ethernet solutions ANDA Networks filed to raise $86.25 million through the sale of common stock in an initial public offering.

Sunnyvale, CA - December 21, 2007 - ANDA Networks Inc. filed an initial public offering with the Securities and Exchange Commission to sell up to $86.25 million in common stock.

The Sunnyvale, Calif.-based provider of ethernet solutions didn't provide an estimated price range nor the number of shares it was offering.

ANDA has racked up around $105 million from investors including Acorn Ventures, Amerindo Investment Advisors, Bowman Capital, ForeFront Capital Management, Franklin Resources, InveStar Dayspring Venture Capital, Pargain Technologies, Van Wagoner Capital Management, Crimson Investment, Highland Capital Partners, InveStar Capital, Venrock, Piper Jaffray and Banc of America Securities, according to VentureWire records.

According to a filing with the Securities and Exchange Commission, ANDA intends to use proceeds from the offering for working capital and other general corporate purposes. It may also use a portion of the net proceeds to acquire complementary businesses, products or technologies or to repay its outstanding credit facility.

Thomas Weisel Partners LLC and RBC Capital Markets were listed as underwriters to the offering. The company has applied to list its shares on the Nasdaq Global Market under the symbol ANDA.