Feb 23 (Reuters) - Social commerce company Bazaarvoice priced its initial public offering that raised $114 million at $12 per share, above its indicated range, according to an underwriter.
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 interest.
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”.