NetSuite hits the Street

Barney Beal
NetSuite Inc. debuted on the New York Stock Exchange this morning after an initial public offering (IPO) that raised $161 million, well above expectations.

The San Mateo, Calif.-based technology vendor provides CRM, ERP and e-commerce software sold as a service over the Internet. It joins

For more on NetSuite
Get reaction on NetSuite's initial filing

Get up to date with our SaaS Learning Guide

Oracle founder and CEO Larry Ellison owns a controlling interest in the company and has set up a family trust. Ellison and the trust own roughly 55% of NetSuite between them, but Ellison has placed his stake in a "lockbox" company that removes his voting power and potential conflicts of interest. NetSuite identified Oracle as a competitor in its filing with the Securities and Exchange Commission (SEC). It also identified Epicor Software Corp., Intuit Inc., Microsoft, the Sage Group plc and as competitors.

NetSuite sold 6.2 million shares at $26 apiece, according to reports, well above initial estimates. The company first set a forecast range of $13 to $16, which it twice raised, hitting $19 to $22 before closing yesterday at $26.

The company will use the proceeds from the IPO to pay down debt and build a new data center.

NetSuite will trade under the symbol "N" on the NYSE.

There are Comments. Add yours.

TIP: Want to include a code block in your comment? Use <pre> or <code> tags around the desired text. Ex: <code>insert code</code>

REGISTER or login:

Forgot Password?
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy
Sort by: OldestNewest

Forgot Password?

No problem! Submit your e-mail address below. We'll send you an email containing your password.

Your password has been sent to: