ExactTarget 8.5M-share IPO Prices at $19
ExactTarget Inc.’s initial public offering of 8.5 million shares priced at $19, above its expected price range of $15 to $17 apiece.
The email marketing company filed plans in November to raise up to $100 million for general corporate purposes, such as expanding its sales and marketing teams, international operations, product development and working capital.
Shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol ET.
ExactTarget provides marketing applications that are built on a cloud-based platform and help organizations communicate with customers through email, mobile phones, social media and websites. The company operates through annual and multiyear subscriptions.
The company’s loss in 2011 widened to $35.4 million from $12.8 million a year earlier, as operating expenses jumped 48%. Revenue grew 55%.