RingCentral, which provides cloud-based phone systems to small businesses, announced terms for its IPO on Friday. The San Mateo, CA-based company plans to raise $90 million by offering 7.5 million shares (1% insider) at a price range of $11 to $13. At the midpoint of the proposed range, RingCentral would command a fully diluted market value of $808 million.
RingCentral, which was founded in 1999 and booked $136 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol RNG. RingCentral initially filed confidentially on June 24, 2013. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal.
