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Cvent Sets IPO Terms for $100 Million Raise

Jon C. Ogg

Cvent Inc. has filed its paperwork with the Securities and Exchange Commission that sets the preliminary terms for its initial public offering (IPO). The company is offering 5.6 million shares of its common stock, and it is now anticipated to price between $17.00 and $19.00 per common share. This will represent $100 million or so at the mid-point of the range. Cvent has applied to list its common stock on the New York Stock Exchange under the stock ticker CVT.

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 has granted the underwriters the right to purchase up to an additional 840,000 shares of common stock at the price to public, less underwriting discounts and commissions for the overallotment or green-shoe option.

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Cvent calls itself a cloud-based enterprise event management platform, and it provides solutions for both event and meeting planners, as well as for hotels and venues. Its solutions allow event and meeting planners to organize, market and manage their meetings, conferences, trade shows and other events with an online marketplace with a proprietary database of hotel and venue information.

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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. Cvent shows that event and meeting planners have historically constituted the majority of 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.

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See the full filing here.

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