Sandvine Corp raises $40 million through IPO

Sandvine Corp has successfully raised $40 million with an initial public offering (IPO) on the Toronto Stock Exchange. The Waterloo ON-based company will realize about $13 million from the IPO which it will plow into R&D for its broadband network management equipment aimed at residential broadband service providers. The remaining two-thirds will go to Sandvine's venture capital backers, including VenGrowth Capital Partners, Tech Capital Partners, BDC Venture Capital and Celtic House Venture Partners, a VC fund created by Mitel chairman Terence Matthews. Celtic House remains the largest shareholder with a 10.6% stake....