A Techcrunch report said enterprise cloud provider Veeva Systems raised USD194 million from its initial public offering. The report said the software company also saw its shares climbed 83.5% in initial trading, valuing the company at more than USD2.4 billion.
Before it went public, Veeva originally planned to price its shares in the USD12 to USD14 range. Veeva upped its price range last week to USD16 to USD18 per share before finally deciding to price its shares at USD20 per share. The IPO saw Veeva offering 9.72 million of its own shares for sale. Other shareholders of the software company offered 3.325 million in shares for sale. veeva saw its price jumped to USD36.70 as soon as it went public.
Founded in 2007, Veeva had raised USD7 million in investments from backers including Emergence Capital Partners prior to its IPO. The last three years of Veeva saw the company generate USD27 million in revenue.
According to Techcrunch, the overall success of Veeva after going public would be an indicator for other cloud companies to pursue for IPOs.
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