Tangoe prices IPO at $10 per share, within expected range

Tue Jul 26, 2011 10:35pm EDT

* Raises $88 million in offering

* Sells 7.5 mln of its own shares

* Selling stockholders sold 1.27 mln shares

* Intends to use proceeds to repay debt

July 27 (Reuters) - Tangoe Inc, a provider of communication software and services, said its initial public offering of 8.77 million common shares was priced at $10 a piece, within its forecasted range.

The Orange, Connecticut-based company had previously expected to sell its units within the $9-$11 per share range.

Tangoe, whose rivals include U.S. billing firm CSG Systems and Amdocs , makers of phone-billing and customer-management software, raised $88 million in the offering.

The company sold 7.5 million shares while selling stockholders sold 1.27 million shares.

Deutsche Bank Securities and Stifel Nicolaus Weisel were joint book-running managers for the offering, the company said.

The common shares are expected to trade on Nasdaq on July 27 under the ticker symbol "TNGO." (Reporting by Siddharth Cavale in Bangalore; Editing by Muralikumar Anantharaman)

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