Initial Public Offerings and Tech Companies and ExactTarget and Manufacturing & Technology and Technology

ExactTarget looks to raise $145 million with IPO

March 8, 2012

ExactTarget Inc., an e-mail marketing company, is seeking to raise as much as $145 million in an initial public offering after it canceled plans for an IPO during the 2009 financial crisis.

The Indianapolis-based company is offering 8.5 million shares for $15 to $17 apiece, according to a regulatory filing Wednesday. The pricing is scheduled for March 21, according to data compiled by Bloomberg, and the shares will trade on the New York Stock Exchange under the ticker ET.

ExactTarget announced plans for the current IPO in November, a month in which 16 U.S. companies including Angie’s List Inc. and Groupon Inc. completed IPOs. The company offers so-called software-as-a-service tools that businesses can use for marketing via e-mail, websites and social media, according to its prospectus.

At the midpoint of the IPO range, ExactTarget would have a market capitalization of about $1.03 billion. Proceeds will be used for general purposes, including expanding sales and marketing and overseas operations.

The company, led by CEO Scott Dorsey, lost money in three of the past five years, with a net loss of $35.4 million in 2011. Sales grew 55 percent last year, to $207.5 million.

JPMorgan Chase & Co., Deutsche Bank AG and Stifel Financial Corp. are leading the offering.

In May 2009, ExactTarget withdrew its previous IPO filing, opting to raise $70 million in private capital from investors including Battery Ventures and Scale Venture Partners.

Principal stockholders include Technology Crossover Ventures, with a 26-percent stake, and Greenspring Global Partners LP and Battery Ventures, each with stakes of about 18 percent.

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