VOIP equipment vendor Veraz Networks, of San Jose, aims to raise up to $115 million in an IPO on the Nasdaq, according to an S-1 form filed with the Securities and Exchange Commission.

Norwest Venture Partners, ECI Telecom, Battery Ventures, and
Argonaut Holdings are the company’s largest shareholders.

LightReading has a good summary here.

The company’s S-1 shows Veraz’s revenues last year at $76.2 million, including $41.7 million from “digital circuit multiplication equipment” sales, $24.5 million from VOIP equipment sales, and $10 million from services.

However, we point out that Veraz is still losing money. In 2005 the company reported a net loss of $14.3 million, while its loss for the first half of 2006 was $9.7 million, more than 21 percent of revenues.

And LightReading notes, the company competes with big hitters Alcatel, Cisco, Ericsson, Huawei, Lucent, Nortel and Siemens.