Initial Public Offerings and Tech Companies and ExactTarget and Technology

ExactTarget raises $161.5M in initial public offering

March 22, 2012

Indianapolis-based e-mail marketing company ExactTarget priced shares in its initial public offering above the expected range on Wednesday.

The firm said it sold 8.5 million shares at $19 each, raising $161.5 million. It had planned to sell shares at $15 to $17 each, which would have raised about $145 million.

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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