ShoreTel, a leading provider of IP phone systems mostly to small and mid sized enterprises, priced its 7.9 million share offering at $10.50 per share, the high end of its $8.50-$10.50 range. The Sunnyvale, CA based company has seen its revenues triple from 2004 to 2006 on rising demand for enterprise VoIP systems and an ongoing expansion of its US distribution channels. The company has been profitable since late 2005 and realized a 9.5% operating margin for the nine months ended March 31, 2007. Lehman Brothers and J.P. Morgan acted as lead managers on the deal. Shares are expected to open for trading on Thursday under the symbol "SHOR" on the Nasdaq.
