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Bandwidth Prices 4 Mln Shares IPO At $20/share

Software company Bandwidth Inc. announced Thursday that it has priced its initial public offering of 4 million shares of its Class A common stock at a public offering price of $20 per share, before underwriting discounts.

In addition, Bandwidth and certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 600 thousand shares of Class A common stock at the IPO offering price less underwriting discounts and commissions. Of this, the first 182,500 shares will be sold by the selling stockholders.

Bandwidth will not receive proceeds from the sale of shares by the selling stockholders. The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol "BAND" on November 10.

The offering is expected to close on November 14, subject to customary closing conditions.

Morgan Stanley, KeyBanc Capital Markets and Baird are acting as bookrunners. Canaccord Genuity and JMP Securities are acting as co-managers.

Bandwidth is focused on communications for the enterprise. Companies like Google, Skype, and Ring Central use Bandwidth's APIs to easily embed voice, messaging and 9-1-1 access into software and applications. Bandwidth noted that it is the first and only CPaaS provider offering a robust selection of communications APIs built around their own nationwide IP voice network.

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