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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-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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