ShoreTel Prices IPO

ShoreTel Inc., a Sunnyvale, Calif.-based provider of IP telecom systems for enterprises, raised $83 million in its IPO. It priced 7.9 million common shares at $10.50 per share ($8.50-$10.50 range), for an initial valuation of around $433 million. The company will trade on the Nasdaq under ticker symbol SHOR, while Lehman Brothers and JPMorgan served as co-lead underwriters. ShoreTel had raised around $107 million in VC funding between 1997 and 2004, from firms like Crosspoint Venture Partners (27.9% pre-IPO stake), Foundation Capital (20.4%), Lehman Brothers Venture Partners (22.7%), JPMorgan Capital (5.3%), Focus Ventures, Globespan Capital Partners, Matrix Partners and Norwest Venture Partners.