Envivio, which enables network providers to deliver
high-quality video across multiple devices, announced terms for
its IPO on Wednesday. The South San Francisco, CA-based company
plans to raise $85 million by offering 7.8 million (16% insider)
shares at a price range of $10 to $12. At the midpoint of the
proposed range, Envivio would command a market value of $325
million. Envivio originally set terms in June 2011 to raise $66
million, but it postponed two weeks later.
Sales increased 69% to $51 million for the 12 months ended
1/31/2012 and net income swung positive to $138,000 (-$2 million
in FY11). Customers, which include 9 of the top 10 global
broadband providers, increased from approximately 220 in April
2011 to over 300.
Venture capital backers include Crescendo Ventures (selling 3% of
its stake; 13% post-IPO ownership), Credit Agricole (selling 3%;
8% post-IPO stake), Saints Capital (selling 7%; 8% post-IPO
stake) and Atlantic Bridge Ventures (selling 5%; 5% post-IPO
stake). Private equity backers include HarbourVest Partners (not
selling; 13% post-IPO stake) and Sageview Capital Master (selling
16%; 8% post-IPO stake).
Envivio, which was founded in 2000 and booked $51 million in
sales for the 12 months ended 1/31/2012, plans to list on the
NASDAQ under the symbol ENVI. Goldman Sachs, Deutsche Bank
Securities and Stifel Nicolaus Weisel are the joint bookrunners
on the deal.