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Jive Software raises $161 million by pricing upsized IPO at $12, well above the range
Jive Software, which provides on-demand social business software to enterprises, raised $161 million by offering 13,439,600 shares at $12 per share, or 20% above the high end range of its proposed $8 to $10 price range. The company originally filed to sell 11,700,470 shares ($105 million deal size at the original midpoint). Existing shareholders sold 3,367,137 shares in the offering. The additional shares offered were all primary. Jive's two major venture backers, Sequoia and Kleiner Perkins, did not sell any shares and will own roughly 40% of the company post IPO.
Jive Software, which kicks off what could be the most active week for IPO activity of 2011, is expected to begin trading on Tuesday on the NASDAQ under the symbol JIVE. Morgan Stanley, Goldman, Sachs & Co., and Citi acted as lead managers on the deal.
Keywords / Tickers:
, Software, Venture Backed
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As stated in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund's average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement by the Board of Trustees.
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Definitions: Net Asset Value (NAV) of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. Market Price is current value at which an asset or service can be bought or sold. Premium/Discount is provided to show the comparison of the daily net asset value (NAV) and the midpoint of the closing bid/ask for each of the funds. The
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is a stock market index based upon a portfolio of newly public companies listed on non-U.S. exchanges. The S&P 500® Index (SPX) is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.
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Definitions: The Renaissance IPO Index® is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The S&P 500® Index is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.
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