Convio Inc., whose software and services help nonprofit organizations raise money, expects to raise about $56.5 million in an initial public offering planned for this week, based on the midpoint of its expected price range of $10 to $12 per share.
Subtracting underwriting discounts and estimated offering expenses, as well as the proceeds to selling stockholders, the company expects proceeds of about $34.7 million. In all, Convio is offering about 3.6 million shares in the IPO and selling stockholders are offering another 1.5 million.
This is the second time the Austin, Texas, company is planning to go public. In 2007, it filed for an IPO worth up to $86.3 million but withdrew its registration the following year, citing market conditions.
The company plans to use the proceeds for general corporate purposes, including improving its products and services, enhancing sales and marketing activities and for capital expenditures. Convio also plans to use part of the proceeds to repay debt, although it doesn't have any agreements committing it to do so based on the offering.
Convio's clients include the American Red Cross, American Cancer Society, World Wildlife Fund, the Sierra Club, People for the Ethical Treatment of Animals and Planned Parenthood Federation of America.
The underwriters are Thomas Weisel Partners, Piper Jaffray, William Blair & Co., JMP Securities and Pacific Crest Securities.
Convio plans to list its shares on the Nasdaq Global Market under the symbol "CNVO."
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