ExactTarget IPO: raising $161.5 million selling 8.5 million shares
ExactTarget, one of the biggest USA-based email service providers, sold its 8.5 million shares at $19 dollars each last week, raising $161.5 million in the process. expected prices were between $15 and $17. The ExactTarget IPO was announced earlier in 2009, but was postponed due to market conditions.
A quote from the Reuters news item:
ExactTarget’s revenue grew 55 percent in 2011 to $207.5 million. Its net loss, however, widened to $35.4 million from $12.1 million. The company had originally filed for an IPO in 2009 but pulled the offering due to market conditions. ExactTarget is hoping to ride the coattails of other recent software-as-a-service (SaaS) IPOs.
The IPO day last Wednesday went with a big bang, coloring the New York Stock Exchange orange, ExactTarget’s corporate color. CEO Scott Dorsey opened the trading day by ringing the opening bell, the New York Times notes.