SUNNYVALE, Calif. – Interwoven Inc., a software provider, went public October 8, offering 3.15 million shares at $17 apiece. The company’s stock priced well above its $13 to $15 filing range.
Underwritten by Credit Suisse First Boston, BancBoston Robertson Stephens and Dain Rauscher Wessels, the initial public offering left 21.8 million shares outstanding.
There were no selling shareholders. Venture backers included Foundation Capital, JK&B Capital, Accel Partners and Draper Fisher Jurvetson.
Interwoven provides clients with TeamSite, a Web content management system that organizes and manages software for Web sites.
The company plans to use the expected $48.6 million generated from the IPO for additional working capital and for general corporate purposes, including sales and marketing, research and development and capital expenditures. The company also might use a portion of the proceeds to acquire additional businesses, products or technologies, to lease additional facilities or to establish joint ventures that complement its business.
Interwoven has never been profitable, losing $2.9 million in 1997 and $6.3 million in 1998.
Kathryn Gould, founder and managing member at Foundation, joined the company’s board of directors in March 1998.
Interwoven – Selected Financial
(in thousands, except per share data)
Years Ended December 31 Six Months Ended June 30
1996 1997 1998 1998 1999
Total revenue 168 4,003 886 5,004
Net loss -510 -2,948 -6,344 -2,418 -6,228
Net loss per share -0.22 -1.36 -2.85 -1.25 -3.66