Envivio Inc. launched its IPO, a year in the making, on Wednesday, but shares in the streaming video company fell 51 cents (5.7%) in their debut, ending the day at $8.49.

It's trading on Nasdaq under the "ENVI" ticker. (See Envivio Goes for IPO Glory .)

San Francisco-based Envivio sold 7.75 million shares at $9 each for a grand total of $69.75 million. Envivio's underwriters, led by Goldman Sachs & Co., have a 30-day option to buy up to 1.16 million additional shares of common stock.

Envivio specializes in video processing, transcoding and encoding software that sits on standard servers and targets TV Everywhere deployments. Time Warner Cable Inc., sources confirmed, uses Envivio's platform to stream live TV to iPads, iPhones and iPad Touches; PCs and Macs; and, more recently, to certain Android devices. (See TWC Streams Live TV to Androids.)

According to Envivio's latest Securities and Exchange Commission (SEC) filing, the company recorded a profit of $659,000 on revenues of $50.6 million for the year ended Jan. 31, 2012. That's up from a year-earlier loss of $1.98 million on revenues of $30 million. It ended fiscal 2012 with cash and cash equivalents of $76.8 million.

Envivio's largest customer is Time Warner Cable, accounting for 18 percent of total revenue in the most recent fiscal year, followed by channel partners Huawei Technologies Co. Ltd. and Birtel Network Technologies (both 12 percent) and Ericsson AB (11 percent). Although a U.S. MSO tops that list, Envivio , whose roots are traced to France Telecom SA, generated 71 percent of its fiscal 2012 revenues from outside the U.S.

Envivio is not exactly what you'd call a fresh-faced startup, as it was founded in 2000. Some of its primary competitors include Harmonic Inc., RGB Networks Inc. and Cisco Systems Inc. (via its acquisition of Inlet Technologies.). Of that group, RGB remains private, but has IPO ambitions. (See Cisco Paints Inlet Into Its Videoscape and RGB Raids Envivio .)

— Jeff Baumgartner, Site Editor, Light Reading Cable