MobileIron breathes life into IPO market with $128M pricing

This post was corrected on June 2, 2014 to accurately reflect MobileIron’s revenue in the first quarter of 2014 over 2013. MobileIron saw overall revenue growth of less than $3 million.

The tech IPO market seems to be warming up after its early-spring freeze.

MobileIron, a Mountain View company that makes software for businesses to manage mobile applications, on Thursday updated its IPO filing and said it plans to raise nearly $128 million when it begins trading. The company priced its 11 million shares at $8 to $10 each.

The Mountain View company filed paperwork for a public offering on April 7, but like other tech companies, held off on pricing and beginning its roadshow when in April the tech-heavy Nasdaq composite index suffered its biggest loss since 2011. Large Silicon Valley tech companies that went public in the past two years lost roughly 50 percent of their peak market value. There were no IPOs for the last two weeks of April, and just seven during the first half of May, according to firm William Blair.

But the IPO market appears to be reawakening. Also on Thursday, Artisa Networks announced it expected to raise $241 million with its market debut. The Santa Clara company sells cloud networking solutions to large-scale Internet companies.

And on the subject of cloud software, all are still waiting with bated breath for Box to make its debut. The Los Altos-based company, one of the most anticipated software IPOs of the year, has delayed going public in light of market turmoil. The company filed for an IPO on March 24, and could have listed shares by mid-April.

MobileIron, which is expected to begin trading sometime in June, last year posted $106 million in revenue, a 158 percent increase over 2012. This year, however, it isn’t looking so hot — while its total revenue is up less than $3 million from the first quarter last year,  its losses are up to almost $14 million for the first quarter, compared to $3 million for the same time last year.


Images from MobileIron


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