Shortel, an IP communications company, goes public
ShoreTel, a Sunnyvale, Calif. company that sells Internet telephony systems to businesses, raised $83 million in its IPO. It sold 7.9 million common shares at $10.50 per share, at the high end of its expected $8.50-$10.50 range, valuing it at $433 million.
ShoreTel raised around $107 million in venture funding since 1997, from Crosspoint Venture Partners (which owned 27.9 percent), Foundation Capital (20.4 percent), Lehman Brothers Venture Partners (22.7 percent), JPMorgan Capital (5.3 percent), Focus Ventures, Globespan Capital Partners, Matrix Partners and Norwest Venture Partners.
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