Intermedia Cloud Communications, which provides a cloud-based communication platform for businesses, announced terms for its IPO on Tuesday.
The Sunnyvale, CA-based company plans to raise $300 million by offering 12.2 million shares (17% insider) at a price range of $23 to $26. At the midpoint of the proposed range, Intermedia Cloud Communications would command a fully diluted market value of $1.5 billion.
The company provides a proprietary cloud-based communications and collaboration platform, purpose-built for a network of more than 7,000 channel partners and used by a growing base of over 122,000 business customers.
Intermedia Cloud Communications was founded in 1993 and booked $252 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol INTM. Morgan Stanley, J.P. Morgan, Credit Suisse, Evercore ISI and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of March 29, 2021.
