IPO hot zone: Violin Memory, RingCentral among 13 tech offerings this week
- Cromwell Schubarth
- Senior Technology Reporter- Silicon Valley Business Journal
- Email | Twitter | Google+
Three of this week's expected offerings involve local players: San Mateo-based RingCentral, Santa Clara-based Violin Memory and San Francisco-based Pattern Energy Group.
The latest rush to Wall Street
comes after
a pair of reports show that the number of IPO filings is rising and
one-month returns after companies go public are the highest they have been since
the end of the dot-com bubble in 2000.
RingCentral, led by CEO Vlad Shmunis hopes to raise up
to about $112 million in its offering on the New York Stock Exchange. The
company, which provides cloud-based telecommunications for businesses, posted
2012 revenue which more than doubled in the past three years to $114.5 million.
It reported a net loss of about $35.4 million in the most recent year.
The company raised more than $44
million in venture funding since it was founded in 2003. Its backers include Sequoia Capital, Khosla Ventures, Scale Venture
Partners, DAG Ventures and Cisco Systems.
Violin Memory, led by CEO Donald Basile, said in an SEC filing that it plans to raised more than $200
million. The company, which makes flash array storage systems used in data
centers, posted a more than fivefold jump in revenue to $73.8 million between
fiscal 2011 and 2013. It net loss in fiscal 2013 grew by a similar multiple to
$109.1 million.
Violin Memory raised about $268
million in venture funding since it was founded in 2005. Its backers include
Highland Capital Partners, SAP Ventures, Juniper Networks and Toshiba.
Pattern Energy, led by CEO Michael Garland, said in its
SEC filing that it hopes to raise up to $386 million in its offering. The
company owns and operates eight wind power projects in the US, Canada, and
Chile. Its revenue more than doubled between 2010 and 2012 to $114.5 million,
when it posted a loss of $13.4 million.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.
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