Ooma (OOMA) IPO Opens Down 7%

Today's IPO for Ooma, Inc. (NYSE: OOMA) opened for trading at $12.10 after pricing 5,000,000 shares of its common stock at a price to the public of $13 per share, which was below the $16-$18 range.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and JMP Securities LLC are acting as joint book-running managers for the offering. William Blair & Company, L.L.C. and Wunderlich Securities, Inc. are acting as co-managers.

Founded in 2004, Ooma creates new communications experiences for small businesses and consumers. Its smart platform serves as a communications hub, offering cloud-based telephony and other connected services. Its telephony services combine PureVoice™ HD call quality and innovative features with mobile applications for reliable anytime, anywhere calling. Ooma has been ranked the No. 1 home phone service for overall satisfaction and value for the last four consecutive years by the leading consumer research publication. Ooma is also partnering with connected device makers to create smarter offices and homes. Ooma is available in stores and online from leading retailers.

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