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.
According to data gathered for the report,‘Communications Infrastructure: The Backbone of Digital,’ 88% of IT professionals and 61% of marketers ranked their company’s current communication infrastructure as 'cutting-edge' or 'good.'
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