Software provider Convio prices IPO below expected range, raises $46.2 million
By APThursday, April 29, 2010
Convio prices IPO below expected range
NEW YORK — Convio Inc., whose software and services help nonprofit organizations raise money, priced its initial public offering Thursday at $9 per share, which was below expectations.
The Austin company sold 3.8 million shares and shareholders sold another 1.3 million, raising a total of $46.2 million.
Shares had been expected to price from $10 to $12 each.
Underwriters led by Thomas Weisel and Piper Jaffray can buy about 770,000 shares at the initial listing price, if needed, to cover strong demand for the IPO shares.
Convio said net proceeds after expenses were about $29.2 million.
The shares are expected to begin trading on the Nasdaq Global Market Thursday under the symbol “CNVO.”
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