This week alone, three more are going public:
RingCentral will begin trading on the NYSE on Friday. Shares are priced at $US13 and the company will sell 7,420,000 shares while 80,000 more shares will be sold by stakeholders. If the stock proves popular, at $US13, the company would raise about $US96 million.
RingCentral offers businesses a cloud-based telephone system. All they need is an Internet connection. It had $US115 million in revenue in 2012, and a net loss of $US35 million. Revenue was $US79 million in 2011.
Violin Memory will also debut on Friday. Violin raised gobs of venture funds — $US186 million between its first round in 2010 and an $US80 million fourth round last year. It will raise $US180 million by selling 18,000,000 shares if it investors eat up its $US10 opening price.
In its last full year, it earned $US74 million and lost $US109 million. It was heavily dependent on partner Hewlett-Packard to sell its wares before HP ended that deal about a year ago. Looks like it’s recovered. In the first six months of this year, revenues are $US51 million, so it could break the $US100 million mark.
Violin offers enterprise storage systems based on flash memory, the same memory used in smartphones and thumb drives. This is a particularly hot area of enterprise tech these days but there is also a lot of competition.
Covisint’s shares popped nicely in its IPO on Thursday. Covisint wasn’t exactly a startup. It began in 2000 as an ecommerce platform for automakers and was sold off to Compuware for a pittance shortly after the Internet-bubble burst. Today it’s in the sweet spot of secure cloud services for everything from inter-enterprise communications to hosting cloud apps. Shares opened at $US10 and closed at $US12.31, up 23%, raising about $US60 million.
All of this action follows the successful first day pop for enterprise security company FireEye last week, too.