Feb 23 Social commerce company Bazaarvoice
priced its initial public offering that raised $114 million at
$12 per share, above its indicated range, according to an
The company, which helps businesses interact with clients
through social media to enable customer-focused digital
marketing, had initially expected to sell 9.5 million shares in
the IPO at between $8 and $10 apiece.
Earlier today, Proto Labs Inc, which makes custom prototype
and low-volume plastic parts, also priced its IPO above its
expected range, in contrast to deals from earlier this month
which were priced below their range in a bid to invite investor
Austin, Texas-based Bazaarvoice, which had Morgan Stanley,
Deutsche Bank Securities and Credit Suisse Securities acting as
lead underwriters to its offering, is valued at about $683
million at its IPO price.
It is backed by venture capital firm Austin Ventures, which
would own 25.5 percent of the company post the offering. CEO and
co-founder Brett Hurt would beneficially own 11.3 percent of the
company after the IPO.
Bazaarvoice goes public at a time when cloud-computing
related stocks are finding favor on Wall Street with most being
welcomed to large first-day gains.
Three other cloud-computing related IPOs -- Guidewire
Software Inc, Greenway Medical Technologies
and Brightcove Inc -- which have made their market
debuts in the past month and each saw their stock rising at
least 30 percent on their first day.
Shares of Bazaarvoice are expected to begin trading on
Friday on the Nasdaq under the symbol "BV".