Neutral Tandem Prices High

Neutral Tandem Inc., a Chicago-based provider of tandem interconnection services to competitive carriers, raised around $93 million in its IPO. The company priced just under 6.65 million common shares at $14 per share ($11-$13 range), for an initial market cap of $413.97 million. It will trade on the Nasdaq under ticker symbol TNDM, while Morgan Stanley and CIBC World Markets served as co-lead underwriters. Neutral Tandem had raised around $29 million in VC funding from firms like DCM-Doll Capital Management, New Enterprise Associates, Mesirow Capital Partners, Montagu Newhall Associates and Wasatch Venture Fund.