SoreTel IPO Benefits Backers

ShoreTel a Sunnyvale, California-based provider of IP telecom systems for enterprises, has completed its IPO on NASDAQ. Lehman Brothers and JP Morgan Securities acted as underwriters on the float, which raised $86.3 million following the exercise of the over-allotment option to purchase an additional 1,185,000 shares of the company's common stock. It has raised around $107 million in VC funding between 1997 and 2004, from firms like Crosspoint Venture Partners (28.4% pre-IPO stake), Foundation Capital (20.7%), Lehman Brothers Venture Partners (23%), JPMorgan Capital (5.4%), Focus Ventures, Globespan Capital Partners, Matrix Partners and Norwest Venture Partners.