Veeva Systems (VEEV) Sees IPO Price of $12 - $14/Share

October 3, 2013 6:48 AM EDT Send to a Friend
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Veeva Systems, Inc. (NYSE: VEEV) filed an amended registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed offering amount is 13,045,000 common shares with an expected price of $12 to $14 per share. The company plans to list on the New York Stock Exchange under the ticker, "VEEV."

The offering is being made via Morgan Stanley, Deutsche Bank Securities, Pacific Crest Securities, Stifel, BMO Capital, and Canaccord Genuity.

Financial summary from the company: For our fiscal years ended January 31, 2011, 2012 and 2013, our total revenues were $29.1 million, $61.3 million and $129.5 million, respectively, representing year-over-year growth in total revenues of 110% and 111% for our two most recent fiscal years. For the six months ended July 31, 2013, our total revenues were $92.4 million, representing period-over-period growth of 71%. For our fiscal years ended January 31, 2011, 2012 and 2013, our subscription services revenues were $19.6 million, $32.6 million and $73.3 million, respectively, representing year-over-year growth in subscription services revenues of 67% and 125% for our two most recent fiscal years. For the six months ended July 31, 2013, our subscription services revenues were $62.0 million, representing period-over-period growth of 112%. We generate revenues from subscription fees, generally based on the number of users, and from professional services fees, for configuration, implementation and training. We generated net income of $3.9 million, $4.2 million and $18.8 million for our fiscal years ended January 31, 2011, 2012 and 2013, respectively, and $7.4 million and $10.8 million for the six months ended July 31, 2012 and 2013, respectively.

Veeva is a leading global provider of industry-specific, cloud-based software solutions for the life sciences industry.


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