Marin Software IPO Goes Out Strong
ThinkstockCloud software company Marin Software Inc. (NYSE: MRIN) held its initial public offering (IPO) this morning, and the shares priced at $14, above the projected range of $11 to $13. The company offered 7.5 million shares and the underwriters have…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Cloud software company Marin Software Inc. (NYSE: MRIN) held its initial public offering (IPO) this morning, and the shares priced at $14, above the projected range of $11 to $13. The company offered 7.5 million shares and the underwriters have a 30-day option on an additional 1.125 million shares. Shares opened at $19.
Marin provides a cloud-based digital advertising management platform that competes with similar offerings from Google Inc. (NASDAQ: GOOG), Adobe Systems Inc. (NASDAQ: ADBE) and other, privately held firms. The company lists Macy’s Inc. (NYSE: M), Apollo Group Inc. (NASDAQ: APOL), Expedia Inc. (NASDAQ: EXPE) and Symantec Corp. (NASDAQ: SYMC) among its customers and says it has business relationships with Baidu Inc. (NASDAQ: BIDU), Bing from Microsoft Corp. (NASDAQ: MSFT), Google, Facebook Inc. (NASDAQ: FB) and Yahoo! Inc. (NASDAQ: YHOO).
Once more, it appears that underwriters have left money on the table. The initial share price rise gives the brokers’ customers a nice profit, but the company ends up with less cash than it could have banked.
Shares are currently trading at $17.65, up about 26% over the offering price.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.