Sources on the Wall Street IPO desks expect Arista Networks shares to pop a bit on its IPO, which is now expected tomorrow, Friday, June 6. Arista's last price range was $36-$40 but it could possibly debut north of $40 per share.

"It's very hot. I'm hearing 1-3 points higher [above the pricing range]," says John E. Fitzgibbon, Jr., the Publisher of IPOscoop.com. "The allocations are small and I expect it to do quite well.

Arista Networks, which makes switches designed for large-scale data center installations, may be the first IPO in a crop of next-generation networking technology companies painted with a wide brush as Software Defined Networking (SDN). Although, some industry folks will point out that Arista may not be a true SDN company, because it makes its own hardware, rather than being a software pure play.

Last week, Arista bumped the price and terms on its IPO in a filing with the SEC earlier in the week, setting the price range from $36-$40. It had originally planned to raise about $200M, but in the revised S-1 filing has it raising up to $240M. It plans to offer 5,250,000 shares with an over-allotment option of 787,500 shares. It will trade under the symbol "ANET."

If Arista goes out near the top of its range, it could achieve a market capitalization of about $2.5 billion, making it one of the healthier public offerings in the networking sector in  the last few years.

The IPO will make the founders of Arista, including CEO Jayshree Ullal and Chairman Andy Bechtolsheim, hundreds of millions of dollars. The IPO does not seem to be affected by the fact that one of Arista's founders and its largest shareholder is currently involved in a lawsuit against the company. See our story from last week for more details.