Chordiant Software, the Cupertino, California-based provider of web-based customer relationship management software, has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 4.5 million shares of common stock. Chordiant expects the offering to be priced between $8 and $10 per share, raising up to $45m before expenses. The stock to be sold represents a 13% stake in the company, which would be valued at roughly $350m if the shares price at the top of the proposed range.
All of the shares on offer will be sold by the company. The IPO will be managed by BancBoston Robertson Stephens Inc, Dain Rauscher Wessels and Thomas Weisel Partners LLC, who will have an over-allotment option on 675,000 additional shares. The company said it will use the net proceeds of the offering for general corporate purposes. Chordiant booked a net loss of $17.4m last year on revenue of $12.5m. For the first nine months of this year, net loss was $15.4m on revenue of $12.2m. IT services company Electronic Data Systems Corp holds an 8% stake in the company, which will be diluted to 7% after the IPO, according to the regulatory filing.
