Marin Software Inc (NYSE:MRIN) shares soared high today in its initial public offering. The stop opened today at the New York Stock Exchange at around $19 per share, well above the $14 per share offering price.
The Wall Street Journal reports that Marin Software Inc (NYSE:MRIN) was aiming to sell 7 million shares, but it has sold at least 7.5 million already. The Securities and Exchange Commission filings indicated that the company expected its stock to open between $11 and $13 per share. In the end, the software firm raised $105 million.
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Marin Software Inc (NYSE:MRIN) has an ad management platform which operates on a subscription bases and enables companies which are doing online marketing to track their ads’ performances. This provides one place to keep track of ad performance, rather than looking at all platforms where the company is doing advertising individually.
The company focuses its business on the fact that with the rise of social media and the rapid increase in the number of places available for advertising online, marketers now need an easier way to keep track of everything. It lists its main competitors as Google Inc (NASDAQ:GOOG)’s DoubleClick services and Adobe Systems Incorporated (NASDAQ:ADBE)
The company’s 2012 sales were almost $60 million, and that was a 65 percent increase from the year before. However, the company’s SEC filings indicate that it has not made a yearly profit since its founding in 2006.
Marin Software Inc (NYSE:MRIN) is not the only software company to have its IPO this week. Model N Inc. had its IPO on Wednesday, and its shares surged 29 percent, although they have fallen since then.