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Riverbed Tech Sets IPO At 8.4M Shrs, $7-$8.50/Shr
September 1, 2006 -- Riverbed Technology Inc. set the terms of the company's pending initial public offering at 8.4 million common shares with an estimated price range of $7 to $8.50 a share.
The San Francisco company, which provides products and services for wide area networks computing, first filed for an IPO in April to sell up to $74.75 million in common stock, but it didn't provide its IPO terms in the April prospectus with the Securities and Exchange Commission.
According to an amended Form S-1 filed with the SEC, Riverbed will offer about 8.3 million shares, and the company's Chief Technology Officer and director Steven McCanne will offer 100,000 shares in theIPO. Riverbed won't receive any of the proceeds from the sale of shares by the selling stockholder, the filing said.
The underwriters have the option to purchase up to an additional 1.26 million shares from Riverbed to cover overallotments, the filingsaid.
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.
Goldman, Sachs & Co., Citigroup, Deutsche Bank Securities and Thomas Weisel Partners LLC were listed as the underwriters for the offering.
The company said it intends to use the net proceeds from this offering for working capital and other general corporate purposes. Itmay also use a portion of the net proceeds to repay debt or acquire other businesses, products or technologies.
The company said it has applied to list its stock on the Nasdaq Global Market under the symbol RVBD.
www.riverbed.com
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