Cloud events player Cvent files for US$100m IPO

9 Jul 2013

Cloud-based enterprise event management platform Cvent has filed for an IPO that could net the company US$100m.

In the filing, the company said it is targeting the events management software market estimated by Frost & Sullivan to be worth US$22bn in 2012.

The company said the number of requests for proposals (RFPs) for events has grown from 12,000 in 2008 to 1.1m  in 2012.

The company said its revenues at the end of 2012 was US$83.5m, up 37pc on the previous year. The company yielded a profit of US$4.3m.

Cvent plans to list its common stock on the New York Stock Exchange under the ticker symbol “CVT.”

Morgan Stanley & Co LLC and Goldman, Sachs & Co will act as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated, Pacific Crest Securities LLC, and Needham & Company, LLC will act as co-managers.

New York Stock Exchange image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years