Cvent (CVT) Files $100M IPO

July 8, 2013 2:13 PM EDT Send to a Friend
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Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event management platform, announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The number of shares to be sold and the price range for the proposed offering have not yet been determined. Cvent plans to list its common stock on the New York Stock Exchange under the ticker symbol "CVT."

The maximum proposed offering price is $100 million.

Morgan Stanley & Co. LLC and Goldman, Sachs & Co. will act as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated, Pacific Crest Securities LLC, and Needham & Company, LLC will act as co-managers.

Brief financial summary from the company: For the year ended December 31, 2012, our revenue was $83.5 million, representing year-over-year revenue growth of 37 percent. For the three months ended March 31, 2013, our revenue was $24.4 million, a 33% increase over the same period in 2012. Our enterprise-focused, cloud-based platform for event and meeting planners has historically constituted the majority of our revenue and represented 70 percent of our total revenue for the year ended December 31, 2012 and for the three months ended March 31, 2013. For the year ended December 31, 2012, we generated net income of $4.3 million, representing a margin of 5 percent, and adjusted EBITDA of $20.3 million, representing a margin of 24 percent. For the three months ended March 31, 2013, we generated net income of $0.3 million, representing a margin of 1 percent, and adjusted EBITDA of $3.2 million, representing a margin of 13 percent.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


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