April 3 (Reuters) - Five9 Inc’s initial public offering has been priced at $7 per share, an underwriter said, valuing the cloud-based software provider at about $322.3 million.
The pricing comes much below the company’s expected range of $9-$11 per share.
The company, which competes with Cisco Systems Inc and Avaya Inc, raised as much as $70 million from the offering selling 10 million shares.
Five9’s shares will start trading on the Nasdaq on Friday under the symbol “FIVN”.
California-based Five9 aims to replace software installed in call-center companies’ computer systems with web-based software. The company facilitates over three billion interactions and has more than 2,000 customers, according to its filing.
Five9’s major shareholders include venture capital firm Hummer Winblad Venture Partners with about 23 percent stake and private equity firm Adams Street Partners with roughly 20 percent.
After the offering, Hummer would own about 18 percent while Adams’ stake would drop to 15.5 percent.
J.P.Morgan, Barclays and BofA Merrill Lynch were the lead underwriters for the offering. (Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)