Plus   Neg

ExactTarget Prices IPO Of 8.5 Mln Common Shares Above The Range At $19

ExactTarget, a global provider of cross-channel interactive marketing solutions, announced the pricing of its initial public offering of 8.5 million common shares at $19.00 per share, well above the original $15 to $17 range.

The company said that its shares are expected to begin trading on The New York Stock Exchange on March 22, 2012 under the symbol "ET".

The underwriters have a 30-day option to purchase up to an additional 1.275 million shares of common stock from ExactTarget to cover over-allotments.

The company intends to use the net proceeds from this offering primarily for general corporate purposes. The company may also use the net proceeds to repay term loan and revolving line of credit or for acquisitions.

J.P. Morgan, Deutsche Bank Securities and Stifel Nicolaus Weisel are acting as joint book-runners for the offering, with RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James acting as co-managers.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Follow RTT