White Pine IPO raises $27 million
White Pine goes public, raising $27 million for the maker of CU-SeeMe videoconferencing software.
White Pine, which priced its offering at $9 a share, came out slightly higher this morning with an initial public offering of 9-5/8. It closed at 9 even.
White Pine, which issued 3 million shares, sold 33 percent of the company to the public in its offering. Overall, it has a market capitalization of $81 million.
"White Pine is a premier company. The pricing indicates they had a fair amount of interest, but unfortunately the company's registration has the word 'Internet' in it, and so it's an orphaned child in the IPO market," said David Menlow, president of the IPO Financial Network, a firm that researches IPOs.
Menlow noted that a number of Internet-related companies that went public during the first half of the year have robbed investors' interest in such companies during the second half.
The offering was underwritten by Cowen & Company, Oppenheimer & Company, and Volpe, Welty.