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ExactTarget looks to raise $145 million with IPO

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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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  1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

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  4. Jim, your "misleading" numbers comment is spot on. This is the spin these posers are putting on it. News flash, fans: these guys lie. They are not publicly traded so no one holds them accountable for anything they say. The TV numbers are so miniscule to begin with any "increase" produces double digit "growth" numbers. It's ridiculous to think that anything these guys have done has awakened the marketplace. What have they done? Consolidate the season so they run more races on consecutive weekends? And this creates "momentum." Is that the same momentum you enjoy when you don't race between August and March? Keep in mind that you are running teams who barely make ends meet ragged over the summer to accomplish this brilliant strategy of avoiding the NFL while you run your season finale at midnight on the East Coast. But I should not obfuscate my own point: any "ratings increase" is exactly what Jim points to - the increased availability of NBC Sports in households. Look fans, I love the sport to but these posers are running it off a cliff. Miles wants to declare victory and then run for Mayor. I could go on and on but bottom line for God's sake don't believe a word they say. Note to Anthony - try doing just a little research instead of reporting what these pretenders say and then offering an "opinion" no more informed than the average fan.

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