Jive Software prices IPO at $12 per share
Jive Software Inc., which makes Facebook-type social networks for businesses, priced its initial public offering above expectations, raising $161 million.
The shares are set to start trading on the Nasdaq on Tuesday morning under the symbol "JIVE."
Late Monday, the Palo Alto, Calif.-based company said it and some shareholders had sold 13.4 million shares at $12 each. The price target was $8 to $10 per share. That suggests strong demand for the company's shares from investors.
Jive creates websites and other tools for companies looking for better ways to share information among their employees, customers and partners. Some of its tools plug into the dialogue on Facebook and Twitter.
Revenue has grown fast, climbing 73 percent to nearly $55 million in the first nine months of this year. But the company is not profitable. In the same period, Jive lost $38 million, raising its total losses to $92 million since it was founded a decade ago.