Another voice-over-IP provider could put its business plan to the test as early as this week by conducting an initial public offering of common stock. Cbeyond Communications is reported to be going public this week with the help of Deutsche Bank Securities. The company wouldn't comment on the date of an IPO, but according to reports and sources close to the company, Informa Global markets EquityWatch said it would be this week.

Nevertheless, the proposed symbol of CBEY will represent a stock priced at $16 to $18 per share. The company first announced its filing with the Securities and Exchange Commission on May 17, 2005.

Cbeyond differs from another VoIP provider said to be IPO-bound, Vonage, in that the Atlanta-based company targets the enterprise and is facilities-based. It is a managed services provider that serves small businesses in Atlanta, Chicago, Dallas-Ft. Worth, Denver and Houston. To date, a Vonage IPO remains speculation. The company did file in May with the SEC to sell securities to investors in an effort to raise an additional $200 million.

At the end of the second fiscal quarter, Cbeyond had 17,435 business customers, which are typically 36 lines or less and have fewer than 200 employees. The company's BeyondVoice service includes the broadband connection. In addition to voice, it generally includes Internet access, e-mail, Web site hosting and data security.

The Cisco Systems-powered provider has data centers in Atlanta and Dallas. Although the company hasn't found profitability yet, its revenue has increased steadily to $38 million last quarter. The company brought in #113 million in 2004.

Founded in 1999, the company is said to be looking to raise about $92 million. After repaying loans to Cisco Capital, the company will likely use the remaining $29.8 million to grow its market coverage.