Video compression chip and software company 8×8 Inc got its initial public offering away at the bottom end of its target range. The 3.6 million shares, all new, got away at $6.50 per share – the target price was between $6 and $8 per share. The offer raised about $20.5m net of expenses, but if the underwriters take up their options it would go to $23.7m, according to 8×8 chief financial officer Sandy Abbott. The shares are trading as penny stock on Nasdaq. The Santa Clara, California is one of the bright young things of the still nascent video conferencing and set-top box industry. It began shipping its ViaTV Phone in February, which it claims connects to a standard television and touch-tone telephone to enable videoconferencing without the need for a PC. The company is working to integrate PlanetWeb’s thin browser into its videoconferencing system. The offer was underwritten by a group led by Montgomery Securities and lead managed by Donaldson, Lufkin & Jenrette Securities Corp.
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