Marketo Inc (MKTO) Stock Price Increases 77.7% Following Public Debut
Marketo Inc (NASDAQ:MKTO) went public on Friday and their stock price increased over 78% from the opening price of $13 to $23.10. The venture capital firm InterWest Partners had a 33.3% stake in Marketo that was worth $302 million in the pre-sale and is now worth up to over $565 million according to AllThingsD.
Founded in 2007, Marketo is known for developing dynamic marketing automation software. Marketo’s software can evaluate a marketing campaign’s ROI and how a social media campaign is performing. The company can also manage e-mail, inbound prospects, acquire leads, automate webinars and tradeshows, evaluate real-time lead intelligence through CRMs, and create landing pages.
Based in San Mateo, California, Marketo has over 2,000 customers across a wide range of industries including financial services, business services, healthcare, manufacturing, media, technology, and telecommunications. Marketo runs on a subscription model.
In the IPO, Marketo offered 6,059,509 shares of common stock. Marketo offered 5,750,000 shares and selling stockholders offered 309,509 shares. Marketo is not receiving any of the proceeds from the sale of the shares being sold by the selling stockholders. Goldman Sachs and Credit Suisse worked as the lead book-running managers for the IPO. UBS, Canaccord Genuity, Raymond James, and JMP Securities were co-managers of the deal.
Marketo is not the only technology company that went public yesterday. Tableau Software had a successful IPO with a stock price that surged over 50%.
[Image Credit: Google Finance]