* Prices IPO at $16/shr
* Raises $88 mln in proceeds
* At IPO price, company valued at about $448 mln
March 14 (Reuters) - Demandware Inc priced its initial public offering of 5.5 million shares at $16 each, well above its expected price range, valuing the company at about $448 million.
The company, which raised $88 million in proceeds from the IPO, had expected to sell the shares between $12.50 and $14.50 apiece.
Demandware is the fifth cloud computing-based software company to join the IPO wave since December.
Since December, Jive Software Inc, Brightcove Inc, Guidewire Software Inc and Bazaarvoice Inc have made their stock market debuts.
All these IPOs were priced within or above their indicated range, and have seen their stock surge since.
Cloud computing allows companies to access information on the Internet from remote servers rather than from their own computers in-house, which proponents claim helps cut costs.
As demand from businesses for this type of technology has climbed, so has interest from investors hoping to tap a global market.
According to two underwriters, Demandware closed the books for institutional investors a day early due to strong demand for the offering.