Clearstone Gets Big Win With Meru

Santa Monica-based venture capital firm Clearstone Ventures was among the big winners Wednesday in the IPO debut of Sunnyvale-based Meru Networks, a developer of virtual wireless LAN products. Meru had an IPO on the NASDAQ Global Market under the symbol MERU, opening at $15.00, at the high range of its estimated open price of $13.00 to $15.00, and closing at $19.17 for the day--up 27.8%. Clearstone was the biggest shareholder in Meru before the IPO, with 20.9 percent of the firm before the IPO; other investors included Vision Opportunity Master Fund, Ltd., NeoCarta Ventures, Bluestream Ventures, D.E. Shaw Group, Tenaya Capital, and CID Group. Clearstone's Bill Quigley represents the venture capital firm on Meru's board of directors.