Cloud-based enterprise event management software provider Cvent Inc. (NYSE: CVT) sold 5.6 million shares of stock today at $21 a share in its initial public offering. The stock priced above its expected range of $17 to $19 and yielded gross proceeds of around $118 million.

Morgan Stanley and Goldman Sachs are listed as the book-running managers of the offering. Stifel, Pacific Crest Securities and Needham & Company are also in the syndicate of underwriters. Cvent granted the underwriters an overallotment option of 840,000 shares.

Cvent offers solutions for both event and meeting planners, as well as for hotels and venues. Its software platform allows event and meeting planners to organize, market and manage their meetings, conferences, trade shows and other events with an online marketplace using a proprietary database of hotel and venue information.

The company’s revenue in 2012 was $83.5 million, up 37% from 2011. Its first three months of 2013 showed revenue of $24.4 million, up some 33% from the first quarter of 2012. Event and meeting planners historically have contributed the majority of the company’s revenue and represented 70% of sales as of 2012 and for the first quarter of 2013. Net income was $4.3 million in 2012, with a margin of 5% and adjusted EBITDA of $20.3 million.

Shares are trading up nearly 86% at $39.00, after hitting a high of $39.20. In the first few minutes of trading about 600,000 shares have changed hands.

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