initial public offerings (IPOs) trading on American exchanges

Friday, May 17, 2013

Tableau (DATA) began trading on the NYSE on Fri 17 May 2013

Tableau closes Day 1 as a $2.9B public company
Tableau had a successful IPO, closing the trading day up 64 percent and raking in $254 million. CEO Christian Chabot says the company is now set to make itself known around the world.

Tableau Software rose $19.75, or 64%, to $50.75 on Friday. The data-analysis software maker’s 8.2 million-share debut priced at $31, above its expected range, raising $254.2 million, excluding the sale of additional shares to underwriters. Strong demand led existing holders to sell one million shares more than initially planned.

chart update 17 March 2014

Marketo jumped $10.10, or 78%, to $23.10, the biggest first-day percentage gain for a newly public company since software maker Splunk Inc. (SPLK) more than doubled after its April 2012 debut. Marketo’s $78.8 million IPO priced at $13, the high end of its expected range.

The deals follow a sluggish start for tech debuts this year. There have been nine U.S.-listed technology or Internet IPOs so far in 2013, down from 21 at the same point in both 2012 and in 2011, according to Dealogic. Market participants said the heavy demand for the shares speaks to rapid expansion in the companies’ businesses, which play into tech trends such as “big data” and “cloud computing.”

Seattle-based Tableau’s software enables people with little computer-programming knowledge to analyze and chart huge data sets. It has seen rapid revenue growth providing tools that help companies mine data to inform business decisions, an area seen as a particularly robust corner of the tech sector.

Splunk, for example, also provides data-analysis tools. Its big first-day gains came after its IPO priced above its proposed range. The company’s shares have extended gains since then.

“For some tech companies, even in a down market, there’s a space for them.

[Tableau] is a rare, high-quality company that will be received regardless of market,” said Charlie Kim, a partner at law firm Cooley LLP who advised on the Tableau offering, along with partner Jodie Bourdet. “Hopefully, the window will continue to stay open.”

Marketo, meanwhile, is the latest in a series of cloud-based software companies, which sell subscriptions to Web-hosted software, to go public. That business model has proved effective for tech upstarts seeking to grab market share from business software giants such as Oracle ORCL +1.92% and SAP.

Marketo has a platform for designing and marketing companies’ marketing activities. More than 20 of the biggest allocations of stock in its IPO went to mutual-fund firms and similar institutions that typically hold shares for extended periods of time, President and Chief Executive Phil Fernandez said in an interview. That’s a sign of strong demand, as companies seek to establish a base of long-term holders.

Goldman Sachs GS +2.40% and Morgan Stanley MS +2.48% led Tableau’s IPO. The company’s shares trade on the New York Stock Exchange under the symbol “DATA.”

Goldman also led the Marketo deal, with Credit Suisse CSGN.VX +1.74%. Marketo trades on the Nasdaq Stock Market NDAQ +1.63% under the symbol “MKTO.”

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