Envivio Plans To Sell 6 Million Shares In IPO At $10 To $12; hopes to raise raise $57.3 million

Internet video processing provider Envivio Inc. said Tuesday it would sell six million shares of common stock in an initial public offering.

Shares are expected to price between $10 and $12 each and trade on Nasdaq under the symbol "ENVI." At the midpoint of the price range, the San Francisco-based company expects to raise $57.3 million.

Envivio said it intends to use the proceeds to hire additional personnel, and possibly for acquisitions of complementary businesses, technologies or other assets.

Underwriters for the deal are Stifel Nicolaus Weisel, Needham & Co., Piper Jaffray, and William Blair & Co.