Marketo Scores In IPO, Shares Close Up 77%

Marketo LogoIn a positive sign of a healthy IPO market, Marketo’s first day of trading on the NASDAQ was a hit.  The marketing automation company raised $79 million in its IPO, offering 6.1 million shares priced at $13. Today, shares opened at $20 and rose 77.69% to close at $23.10.

Marketo CEO, Phil Fernandez rang the opening bell at the NASDAQ today. Marketo, Inc. is listed under the symbol MKTO.

The firm’s competition in the marketing automation market includes Eloqua, which was acquired by Oracle last December, Pardot, HubSpot, and Silverpop.

The company has yet to realize a profit, but is banking on solid customer growth to get into the black. Marketo had revenues of $58.4 million last year with a loss of $34.4 million.

Related Topics: Channel: Industry | Internet Marketing Industry

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About The Author: writes about paid online marketing topics including paid search, paid social, display and retargeting. Beyond Search Engine Land, Ginny provides search marketing and demand generation advice for ecommerce companies. She can be found on Twitter as @ginnymarvin.

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  • http://twitter.com/celwell Chris Elwell

    Wow, the underwriters botched this one. Marketo should have gotten more than $13 if the shares opened at $20. You’ve got to feel bad for managment.

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