3PAR Inc's 7.5M-Shr IPO Priced At $14/Shr

VentureWire     By James DeWeese     November 16, 2007

3PAR Inc.'s initial public offering of 7.5 million shares priced at $14 a share, above the expected per-share price range of $11 to $13.

3PAR filed in August for an initial public offering of up to $100 million in common stock.

According to a regulatory filing, Mayfield Fund holds 19.5% of the company, Menlo Ventures owns 17.8%, and Worldview Technology Partners has a 15% stake.

Those firms have invested a total of $88.7 million across four rounds dating back to 2004. Mayfield has invested $37.1 million, Menlo has put in $22.3 million, and Worldview, $29.2 million.

Goldman, Sachs & Co., Credit Suisse, UBS Investment Bank, Thomas Weisel Partners LLC and RBC Capital Markets were listed as the IPO's underwriters.

3PAR is a utility-storage company based in Fremont, Calif. It intends to use the net proceeds from its IPO for working capital and other general corporate purposes. It said it may also use a portion of the net proceeds to repay outstanding borrowings under a revolving line of credit, or to acquire other businesses, products or technologies

The company said is scheduled to list its shares on NYSE Arca under the symbol PAR.