Bazaarvoice (BV), which provides an online customer review platform to brands and retailers, raised a greater-than-expected $114 million by offering 9,484,296 shares at $12, more than 30% above the midpoint of its proposed $8-$10 price range. Bazaarvoice will begin trading on Friday on the Nasdaq under the symbol BV. Morgan Stanley, Deutsche Bank Securities, and Credit Suisse acted as joint book-running managers on the deal.
The Austin, TX-based company generated $94 million in revenue in the 12 months ended January 31, 2012 but is currently unprofitable on an operating basis. Revenue grew 67% in its most recent fiscal year (April 2011) and 59% in the most recent quarter.
Bazaarvoice was the second IPO is the latest in a string of on-demand or subscription-based software IPOs to go public in recent weeks including insurance software provider Guidewire Software (GWRE), electronic health records software provider Greenway Medical (GWAY), and online video platform Brightcove (BCOV).
Bazaarvoice was also the second company on Thursday to price above its anticipated range following 17 consecutive US IPOs that had priced within or below their originally sought after valuation. Proto Labs (PRLB), a manufacturer of quick-turn, low-volume molded custom parts for prototyping, raised $69 million by pricing 4.3 million shares at $16. The originally proposed price range was $13-$15.
The only other US IPO to price above its filed range year-to-date was Guidewire Software. Guidewire, which priced on January 24 at $13 per share, rose 32% in its market debut and last closed at $23.95, up 84% from its offer price (currently the best performing US IPO year-to-date).