ORINDA, Calif. Intraware Inc., a developer of Internet-based business software, went public February 25, offering 4 million shares at $16 apiece. The company’s stock priced above its $13 to $15 filing range.
The initial public offering, underwritten by CS First Boston, BancBoston Robertson Stephens and Hambrecht & Quist, left 23.53 million shares outstanding.
There were no selling shareholders. Kleiner Perkins Caufield & Byers, Attractor Ventures, Canaan Equity Partners, Technology Crossover Management II and WI Harper Group were venture backers.
Intraware’s Web site offers an array of services permitting software vendors to display their products and information technology professionals to view them. About 25 vendors, including Netscape Communications Corp. and Sun Microsystems Inc., offer their products via the company’s services. Intraware’s list of 1,700 customers includes IT professionals from AT&T Corp. and Oracle Corp.
The company will use the approximately $64 million in proceeds from the offering for working capital, capital expenditures, potential acquisitions, geographic expansion and additional sales and marketing efforts.
Intraware has never been profitable, losing $4.05 million in the fiscal year ended February 28, 1998.
John Balen, a principal at Canaan Partners, joined the company’s board of directors in April 1998.
Intraware – Selected Financial
August 14, 1996 (inception) Year Ended Nine Months Ended November 30,
to February 28, 1997 February 28, 1998 1997 1998
Total net revenue 6 10,387 5,331 24,556
Net loss -944 -4,049 -2,715 -8,377
Net loss per share-1.36 -2.05 -1.53 -$2.40