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Shares in VC-backed Lifelock slip following cut-price IPO

4 Oct 2012

Shares in venture-backed ID theft protection company LifeLock slipped yesterday following its IPO, the pricing for which had already been cut to $9 a share.

The firm intended to price the IPO at between $9.50 and £$11.50 per share, but dropped its target to $9 and has already seen the price drop to $8.36 at yesterday’s close.

LifeLock is backed by Bessemer Venture Partners and Kleiner Perkins Caufield & Byers.

The company raised $141.3m by selling 15.7 million shares on the New York Stock Exchange.

Earlier this year Bessemer and Fidelity Biosciences led an $18.2m financing round for Liazon, which operates the Bright Choices private health benefits exchange.

The round, which also received follow-on funding from existing investors Bain Capital Ventures and Rand Capital, SBIC, will enable the company to expand nationwide and develop new products, it said.

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