ShoreTel Rises 28% in IPO -- Enterprise IP Telephony

ShoreTel, a provider of enterprise IP telephony solutions, completed the initial public offering of 7,900,000 shares of its common stock at a price to the public of $9.50 per share. In its first day of trading (July 3), the shares rose $2.65 to close at $12.15, up 28%.





ShoreTel's common stock is now traded on the Nasdaq Global Market under the ticker "SHOR".



Lehman Brothers Inc. and J.P. Morgan Securities Inc. acted as joint book-running managers for the offering, and Piper Jaffray & Co., JMP Securities LLC, and Wedbush Morgan Securities Inc. acted as co-managers. ShoreTel has granted the underwriters a 30-day option to purchase up to an additional 1,185,000 shares of common stock.

http://www.shoretel.comShoreTel, which is based in Sunnyvale, California, was founded in 1996 and completed its first IP telephony installation in 1998. The company supplies both the enterprise IP telephony switches (PBXs) and business-class VoIP desksets.