One of the leading providers of cloud based marketing software platform, Marketo, announced the setting of its initial public offering price of its 6.06 million shares of common stock at US$13.00 per share. This price pegs the share price at the top of the price range for the share.
In amended documents filed with the SEC, the company had expected the price to be between US$11.00 and US$13.00. The company is based out of San Mateo, Californa and the shares would be traded at the NASDAQ Global Select Market by May 17, 2013 using the symbol 'MKTO'.
Marketo is offering 5.75 million shares while other shareholders are offering 399,509 shares to the IPO. The company reiterated that it would not be receiving comission or any of the proceeds from the sale of the shares of the selling shareholders.
Furthermore, Marketo has granted the underwriters a thirty day option to purchase 908,926 additional common shares of stock. The bookmanagers for the IPO are Goldman Sachs and Credit Suisse, with UBS, Canaccord Genuity, Raymond James and Associates with JMP Securities as co-managers.
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