EXCLUSIVE-Cisco rival Arista Networks picks banks for IPO -sources

Nicola Leske and Soyoung Kim
Tuesday, 12 Nov 2013 | 1:28 PM ET

NEW YORK, Nov 12 (Reuters) - Arista Networks, a maker of fast network switches that competes with much bigger rival Cisco Systems Inc, has selected banks to lead a proposed initial public offering for next year, according to people familiar with the matter.

Morgan Stanley, Citigroup Inc and Credit Suisse Group will lead the offering that is at an early stage of planning, the people said on Tuesday, asking not to be named because the matter is not public.

Representatives for Morgan Stanley did not immediately respond to requests for comment. Arista, Citigroup and Credit Suisse declined to comment.

The Santa Clara-based company could have a valuation of around $2.5 billion, according to some industry analysts who attended a presentation the company made in September. Arista's 2013 revenue is likely to exceed $300 million, ISI Group analyst Brian Marshall said.

(Reporting by Nicola Leske and Soyoung Kim; Editing by Gerald E. McCormick)

  Price   Change %Change