Marketo Shares Jump 57% in IPO

Marketing automation software provider, Marketo, leaped onto the Nasdaq today with shares jumping by as much as 57 percent after the company raised $79 million in its initial public offering (IPO).

The San Manteo company sold 6.1 million shares at $13, which was at the high-end of its target range of between $11 and $13. The company’s underwriters also have the option to buy up to 908,926 shares within the next 30 days at the IPO price.

This gave it a market cap of about $540 million going into its first day of trading. That market cap soared to more than $700 million as the stock rose to as high as $20.42 in early trading.

Marketo filed for a $75 million IPO in April earlier this year. Prior to that, the company raised $108 million in venture capital funding from big players including Battery Ventures, Institutional Venture Partners, InterWest Partners, Mayfield Fund, and Storm Ventures.

Related reading

Vector set of user interface login and account registration form design. Isolated on blue background.