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Cyan shares edge down in trading debut

[May 10, 2013]  PETALUMA, Calif. (AP) -- Shares of Cyan Inc. fell slightly in their trading debut after the company raised $88 million in an initial public offering.

In midday trading, Cyan shares fell 4 cents to $10.96, after initially dropping as low as $9.96. Earlier, the company sold 8 million shares for $11 each in the IPO.

In addition, the offering's underwriters -- Goldman, Sachs & Co. and J.P. Morgan Securities LLC -- have a 30-day option to buy up to an additional 1.2 million shares of common stock at the initial public offering price. That would raise up to an additional $13.2 million.

Petaluma, Calif.-based Cyan provides a software-driven transport and switching platform for network operators. Its shares are being traded on the New York Stock Exchange under the symbol "CYNI."

[Associated Press]

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