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Marketo Scores In IPO, Shares Close Up 77%
In 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.