Envivio, a US-based provider of video-over-internet protocol, raised $69m in its Nasdaq flotation.
The company priced 7.76 million shares at $9 each, which was below the $10 $12 per share offering range, for an initial market capitalisation of about $240m.
Investment banks Stifel Nicolaus Weisel and Piper Jaffray were co-lead underwriters of Envivio’s initial public offering (IPO) and the company posted a $2m net loss on $30m of revenues last year, according to its regulatory filing.
News provider DMcA said Envivio had raised $72m over the past decade. It has venture capital firm HarbourVest Partners owning 20.3%, Crescendo Ventures (19.1%), Crédit Agricole Private Equity (11.3%), Saints Capital (8.7%) and Atlantic Bridge (7.9%).
Its other investors include corporate venturing units Innovacom (France Telecom), Intel Capital and NTT.
In July, Envivio raised $15m in mezzanine finance from its strategic and venture capital firms and banks.
In September 2008, Envivio raised $25m in a series C round co-led by private equity firms Harbourvest and Atlantic Bridge, as well as Samsung Ventures, the corporate venturing division of Korean electronics company Samsung.