Jive Software Inc., the maker of social-networking software for businesses, filed to raise $100 million in a U.S. initial public offering.
The Palo Alto, California-based company didn’t say how many shares it will sell or at what price in its filing with the U.S. Securities and Exchange Commission. The offering amount is a placeholder number used to calculate registration fees and may change.
Jive is one of at least eight companies to file for a U.S. IPO this week, after offerings were shelved at a record pace because of plunging equities. In the week ended Aug. 12, 13 were pulled, the most since 2000, according to Bloomberg data. The Standard & Poor’s 500 Index has recovered 5.2 percent since Aug. 8, after U.S. stocks lost more than $2 trillion over three weeks amid Europe’s debt crisis and a U.S. credit downgrade.
Sequoia Capital is the biggest Jive shareholder, with a 36 percent stake, followed by Kleiner Perkins Caufield & Byers, which owns 14 percent, according to the filing. Co-founders Matthew Tucker and Bill Lynch each own 16 percent, while Chief Executive Officer Anthony Zingale controls 7.6 percent, the filing showed.
The number of employees at Jive increased to 358 as of June 30, from 159, at the end of 2009, the filing shows. Competitors include Microsoft Corp., International Business Machines Corp., Salesforce.com Inc. and “smaller specialized software vendors,” according to the filing.
Jive’s net loss widened to $30.6 million in the six months through June 30 from a loss of $13.3 million a year earlier, while revenue increased 76 percent to $33.9 million in the same period, according to the filing.
Proceeds from the offering will be used to repay debt. The shares will list under the ticker symbol JIVE, according to the filing, which didn’t specify the exchange. Morgan Stanley and Goldman Sachs Group Inc. are leading the offering.
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