Cloud computing company Veeva Systems Inc filed for an initial public offering to raise up to USD 182.6 million. The California-based software developer intended to trade on the New York Stock Exchange. According to a regulatory filing, Veeva would be issuing 13 million shares for the IPO. The shares would be sold at USD 12 to USD 14 apiece.
Veeva makes Web-based software for pharmaceutical companies. It provides tools that allow drug companies to promote therapies to physicians. The filing also revealed that 33 of the 50 largest pharmaceutical firms around the world were in its client list. Proceeds derived from the IPO would enable Veeva to challenge the biggest database software manufacturer around the world, Oracle Corp.
According to the filing, Veeva's sales of USD 92.4 million in the first six months of the year represented a 71% increase compared to the same period last year. The IPO would be led by Morgan Stanley and Deutsche Bank.
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