RingCentral, Inc. (NYSE: RNG) said it has closed its underwritten public offering of 7,200,000 shares of class A common stock, including 2,000,000 shares being sold by the company and 5,200,000 shares being sold by selling stockholders.
All of the shares were sold at a price to the public of USD21.50 per share. RingCentral received net proceeds of approximately USD39.8m, after deducting underwriting discounts and commissions and estimated offering expenses. RingCentral will not receive any of the proceeds from the sale of the shares being sold by the selling stockholders.
RingCentral said it will use the proceeds for working capital or other general corporate purposes, including additional marketing expenditures, the expansion of its sales organization, international expansion and further development of its solutions.
Goldman, Sachs & Co., J.P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering, and Raymond James & Associates, Inc., William Blair & Company, L.L.C., Oppenheimer & Co., Inc., Macquarie Capital (USA) Inc. and Northland Securities, Inc. are acting as co-managers.
RingCentral is a provider of cloud business communications solutions. The company is headquartered in San Mateo, California.