SuccessFactors Secondary Greatly Increases Float (SFSF)

Posted: June 3, 2008 at 8:06 am

SuccessFactors, Inc. (NASDAQ: SFSF) is exiting that 180-day lock-up period, and the company is going to sell shares along with shareholders according to the SEC FILING.  The company filed to sell 7,540,612 shares of common stock, of which 2,500,000 shares will be sold by the company and the rest from shareholders.  The company’s original filing to offer shares was made last week.

Underwriters for this offering are listed as Morgan Stanley, Goldman Sachs, Citigroup, Deutsche Bank, Pacific Crest, ThinkPanmure, Pacific Crest, and Broadpoint.

What is more important than anything here is that this is going to greatly increase its public float.  It priced its IPO of 10.79 million shares at $10.00.

Shares closed at $11.21 yesterday, and its post-IPO trading range is $7.49 to $15.27.

Jon C. Ogg
June 3, 2008

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