Cavium Prices High, Trades Higher

Cavium Networks, a Santa Clara, Calif.-based provider of security, network services and content processing semiconductor solutions, priced 6.75 million common shares at $13.50 per share, for an IPO take of approximately $91.13 million. Morgan Stanley and Lehman Brothers served as lead underwriters. Cavium had originally filed to sell 6.25 million shares at between $10 and $12 per share. It began trading on the Nasdaq under ticker symbol CAVM, and closed up nearly 22% at $16.45 per share. Cavium had raised over $60 million in total venture funding since its 2000 inception, from firms like Menlo Ventures (29.98% pre-IPO stake), Diamondhead Ventures (9.19%), Alliance Ventures (13.89%), NeoCarta Ventures (5.46%). Menlo Ventures.