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.
ExactTarget’s shares are traded on the NYSE Euronext (NYX). You can read the full news release here on the NYSE site. Current stock value is $27.35.
