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."