ExactTarget, the email marketing software-as-a-service (SAAS) company, priced its initial public offering last night. It sold 8.5 million shares at $19.00 per share, raising $161.5 million. The IPO priced above the range of $15 to $17 per share, indicating strong demand for the offering. There were no selling shareholders in the offering. The stock price jumped to $25 per share in early trading, but as of 9:30 am PDT it was trading around $24.30 per share.
J.P. Morgan was the lead left underwriter, and was joined by Deutsche Bank and Stifel Nicolaus Weisel as join-bookrunning managers. RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James were co-managers.
Venture capital investors in ExactTarget included Insight Venture Partners (22.4% post-IPO ownership), Greenspring Associates (15.5%), Battery Ventures (15.2%), Scale Venture Partners (6.2%), First Round Capital, OpenView Venture Partners and Technology Crossover Ventures.
ExactTarget's IPO prospectus can be found here: http://www.sec.gov/Archives/edgar/data/1420850/000119312512126304/d256812d424b1.htm
J.P. Morgan was the lead left underwriter, and was joined by Deutsche Bank and Stifel Nicolaus Weisel as join-bookrunning managers. RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James were co-managers.
Venture capital investors in ExactTarget included Insight Venture Partners (22.4% post-IPO ownership), Greenspring Associates (15.5%), Battery Ventures (15.2%), Scale Venture Partners (6.2%), First Round Capital, OpenView Venture Partners and Technology Crossover Ventures.
ExactTarget's IPO prospectus can be found here: http://www.sec.gov/Archives/edgar/data/1420850/000119312512126304/d256812d424b1.htm
