(Updated after jump) This time last year, we would have been deriding ArcSight as a lousy IPO. It priced at the low end of its range, and saw its shares tumble on their first day of trading. But this is 2008, when VC-backed IPOs are nearly as rare as prize-winning beagles.
So instead of ridicule, we give ArcSight a rose. Prior to the offering, it had raised around $15 million in VC funding, from firms like Kleiner Perkins Caufield & Byers (23.5% pre-IPO stake), Institutional Venture Partners (11.8%), Integral Capital Partners (6.3%) and New Enterprise Associates (5.4%).
The only other VC-backed company to price this year was IPC Inc., while six others have withdrawn: Akela Pharma, Archemix, BG Medicine, Biolex, Imperium Reneables and Light Sciences Oncology. Then there are a pair that have postponed offerings indefinately: Transoma Medical and BCD Semiconductor (which withdrew its offering, but then withdrew the withdrawal… IPO whiplash).
So, what’s left? Forty-two offerings, minus a handful awaiting acquisition (like Danger). Here’s the list, courtesy of Daddy Thomson: VCIPOs.xls
Update: Figures that another VC-backed IPO would price, just hours after I write this post. That would be MAKO Surgical, which priced at the bottom of an already-reduced range. But, still, MAKO is deserving of praise (following the ArcSight theory). We also had another VC-backed company cancel its IPO (Concentric Medical), which leaves us with the following 2008 toteboard:
In registration (not postponed): 41