Tuesday, July 3, 2007

ShoreTel Prices IPO

Sunnyvale-based ShoreTel said today that it has priced its initial public offering, at $9.50 per share. ShoreTel is offering 7.9M shares of its common stock on the Nasdaq Global Market as "SHOR", in an IPO that is being underwritten by Lehman Brothers Inc. and J.P. Morgan Securities Inc., acting as joint book-running managers; and Piper Jaffray & Co., JMP Securities LLC, and Wedbush Morgan Securities Inc., co-managers. The company also said in a release that it has granted its underwriters a 30-day option to purchase up to an additional 1.185M shares of its common stock.