California based company Veeva Systems specializes in the creation of cloud software solutions for the life sciences industry. It recently filed an amended Form S-1 with the US Securities and Exchange Commission, seeking approval for an IPO of 13 million Class A shares priced between USD12 and USD14 per share.
The shareholders offering to sell their shares totalled 3.33 million while the rest of the volume would be offered and issued by the company. There is also an overallotment option of another 1.96 million shares of the company.
The company provides for two classes of common shares of stock that are priced the same. Class B shares though are entitled to 10 votes while Class A votes only account for one per share. After the offer, the holders of the Class B shares would retain 98.5% of the voting power of the common shares while the company's officers, directors as well as affiliates would retain 74% of the voting power of the company.
The company intends to use part of the proceeds for general corporate purposes as well as increasing working capital. In the filed documentation, Veeva said, "(We) do not currently have specific planned uses of the proceeds. The amount of proceeds we use for the purposes above, if any, will depend on the level of cash generated from our operations."
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