AAA Vocera sees big gains after IPO

Vocera sees big gains after IPO

Motorola and Cisco Systems-backed Vocera Communications, which provides mobile technology for hospitals, raised $93.6m in its initial public offering (IPO) on Tuesday last week.

Vocera said 5.85m shares would be sold at $16, according to a filing with US regulator the Securities and Exchange Commission, above an initial range of  $12 per share to $14 per share it had set last month, according to another filing. Vocera’s share price closed up 38.1% on its flotation price at Tuesday’s close at $22.10 per share.

The company’s trading price gives the business a $479.6m market capitalisation, based on its 21.7 million shares outstanding.

The company will trade on the New York Stock Exchange with the ticker VCRA.

Handset maker Motorola had a 4.9% stake prior to flotation and it sold 82377 shares at IPO, before any "greenshoe" or over-allotment option, while technology company Cisco Systems owned a 3.7% stake and it is selling 301,241 shares at IPO, before the greenshoe.

The biggest shareholders in the company are Venrock (17.3% before flotation), Vanguard Ventures (15.7%), RRE Ventures (13.4%), GGV Capital (9.9%), Vocera executive chairman Robert Zollars (7.7%), Thomas Weisel Venture Partners (6.2%), and Vocera chief technology officer and founder Robert Shostak (5.5%).

The business has raised about $60.5m through financing activities in its history. It was founded in 2000.

Financial advisers on the flotation are JP Morgan, Piper Jaffray, Baird, William Blair & Co, Wells Fargo Securities and Leerink Swann.
In 2011, the company made $79.5m revenue, which grew by 40%, and a loss of $2.5m.

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