Broadsoft (NASDAQ:BSFT, news, filings) went public today, as planned. The pricing of $9 per share was on the lower end of its expected $9-11 range and while it opened at $10 the stock is now lower in early trading. In Wall Street lingo, that means the IPO might not (the day is not yet over) be a ‘success’, but that only really matters on Wall Street. The market isn’t quite as favorable as it was a few months ago to tech IPOs, but BroadSoft is now public nevertheless.
Of the 7.5M shares to be issued, a third were offered by the company’s shareholders, while two thirds will be newly issued shares that bring in just over $40M, depending on whether underwriters sold any of the extra shares they are able to. BroadSoft will use the proceeds to pay back debt and generally prepare for the next phase of its existence.
With the prevalence of the company’s software in VoIP systems across the spectrum and the UC revolution just getting underway, it still seems to me like a good time for BroadSoft to emerge whether traders think so or not. Welcome guys!
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