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Event management software provider Cvent sets terms for $101 million IPO
By: Renaissance Capital
Cvent, which is the leading cloud-based event management software provider, announced terms for its IPO on Monday. The McLean, VA-based company plans to raise $101 million by offering 5.6 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Cvent would command a fully diluted market value of $746 million. Cvent, which was founded in 1999 and booked $90 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol CVT. Cvent initially filed confidentially on April 29, 2013. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal.