Arik Hesseldahl

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Cloud Phone Service RingCentral Files for $100 Million IPO

ringcentral_graphicRingCentral, the cloud-based phone service for businesses, just filed for an initial public offering with the U.S. Securities and Exchange Commission. It has proposed using the ticker symbol RNG.

While the valuation and offering price haven’t yet been determined, the company’s filing has a detailed look at its finances and who owns what. Its biggest shareholder is Vladimir Shmunis, who owns a little bit less than 20 percent of the outstanding equity. Venture Capital firms Sequoia Capital and Khosla Ventures each have stakes worth about 17 percent (slightly north in Sequoia’s case, slightly south in Khosla’s). DAG Ventures has a little less than eight percent.

Other investors include Cisco Systems, Scale Venture Partners, RTP Ventures and Hermes Growth Partners.

The filing also shows that RingCentral had sales of about $106 million in 2012, and about $67 million for the first six months of 2013, which would put it on track to break $130 million in sales this year. Its net loss last year was about $34 million.

The IPO buzz has been simmering about this company for more than a year. In early 2012, it hired Robert J. Lawson as its CFO. His prior gig was as CFO of Codexis, a biotech company that went public in 2010.

It’s the second tech IPO filing this month. On Aug. 14, Chegg, a digital hub for students, filed for an IPO in which it aims to raise $150 million.

Goldman Sachs, J.P. Morgan Securities LLC ,and BofA Merrill Lynch will act as joint book-running managers for the offering. Allen & Company and Raymond James will be co-managers.

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Another gadget you don’t really need. Will not work once you get it home. New model out in 4 weeks. Battery life is too short to be of any use.

— From the fact sheet for a fake product entitled Useless Plasticbox 1.2 (an actual empty plastic box) placed in L.A.-area Best Buy stores by an artist called Plastic Jesus