Convio Raises $46 Million in Software IPO After Cutting Offering Price

Convio Inc., a maker of marketing software for non-profit organizations, raised $46.2 million after cutting the price for its initial public offering.

The company sold 5.13 million shares at $9 each yesterday after offering the stock at $10 to $12, according to a filing with the Securities and Exchange Commission and Bloomberg data. Austin, Texas-based Convio will start trading today on the Nasdaq Stock Market under the ticker CNVO. Thomas Weisel Partners LLC of San Francisco and Minneapolis-based Piper Jaffray Cos. managed the sale.

Convio reduced its IPO price after credit-rating downgrades of Greece, Portugal and Spain roiled equity markets and last week’s offerings in the U.S. raised 21 percent less than sought. All seven companies asked buyers to pay a premium after the Standard & Poor’s 500 Index’s rally to the highest level since 2008 had revived demand for IPOs.

“Investors have been less eager to tiptoe on the risk spectrum in recent days,” said Lawrence Creatura, a Rochester, New York-based manager at Federated Investors Inc., which oversees $390 billion. “Given the most recent trends in IPOs haven’t been encouraging, it’s not surprising it priced at the low end.”

The S&P 500 has lost 2.1 percent since April 23, heading for the biggest weekly drop since January, amid concern defaults by debt-laden nations will damp the global economic recovery.

Alpha & Omega

Alpha & Omega Semiconductor Ltd., a maker of chips that extend the battery life of laptops, said in a statement that it raised $91.5 million yesterday. The Hamilton, Bermuda-based company sold 5.09 million shares at $18 each, the middle of its forecast range, according to the statement and its SEC filing.

Film Department Holdings Inc., the West Hollywood, California-based film producer making “The Beautiful and the Damned” starring Keira Knightley, pushed back the pricing of its initial offering to today, according to Bloomberg data.

The sales come with the S&P 500 trading at 13.8 times forecasts for its companies’ earnings, lower than any time since 1990, except for the months after New York-based Lehman Brothers Holdings Inc. collapsed.

“Investors are choosy because of what they already have available for them to buy,” said David Goerz, who oversees $17 billion as chief investment officer at Highmark Capital Management in San Francisco. “Stocks overall are relatively cheap, so pricing is going to be crucial for a company trying to do an issue in the market.”

To contact the reporter on this story: Inyoung Hwang in New York at ihwang7@bloomberg.net.

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