ShoreTel Sets IPO Terms

ShoreTel Inc., a Sunnyvale, Calif.-based provider of IP telecom systems for enterprises, has set its proposed IPO terms to 7.9 million common shares being offered at between $8.5 and $10.5 per share. At the top of its range, ShoreTel would be valued at around $433 million. It plans to trade on the Nasdaq under ticker symbol SHOR, with Lehman Brothers and JPMorgan serving as co-lead underwriters. ShoreTel has 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.