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Riverbed Technology Files IPO To Sell Up To $74.75M
By VentureWire Staff Reporters
(San Francisco CA) - April 24, 2006 -- Riverbed Technology Inc. filed an initial public offering Thursday to sell up to $74.75 million in common stock, according to a Form S-1 filed with the Securities and Exchange Commission.
San Francisco-based Riverbed Technology provides products and services for wide-area networks computing.
Details about the number of shares to be offered or an estimated price range for the IPO weren't disclosed in the filing.
Prior to the offering, Accel Partners owns 23.8%, Lightspeed Venture Partners holds 23.3%, UV Partners owns 11.3%, and Goldman Sachs Group Inc. owns 5.3%. San Francisco-based Riverbed raised $37 million to date from investors including the above four mentioned.
The company said it intends to use the net proceeds from this offering for working capital and other general corporate purposes. It may also use a portion of the net proceeds to repay debt or acquire other businesses, products or technologies.
Goldman, Sachs & Co., Citigroup, Deutsche Bank Securities and Thomas Weisel Partners LLC were listed as the underwriters for the offering.
The company said it plans to list its stock on the Nasdaq Global Market under the symbol RVBD.
The company posted a loss of $17.4 million for 2005, widening from 2004's loss of $9.8 million.
The $74.75 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Often, the eventual price terms of an IPO differ substantially from the valuation in the first registration.
Reporting by Denise Jia. www.riverbed.com
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