IPO from Software Maker Splunk Priced above Estimates

Wednesday, 18 Apr 2012 09:44 PM

 

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Splunk Inc., a maker of software that helps companies analyze data, raised $229.5 million in its initial public offering, more than it previously sought, to capitalize on surging demand for Web-analytics technology.

The San Francisco-based company sold 13.5 million shares at $17 apiece, it said in a statement Wednesday, after offering the shares for $11 to $13. Splunk, which will trade under the symbol SPLK on the Nasdaq Stock Market, gained a market value of $1.57 billion through the sale.

Splunk is the first of the so-called big data companies to go public, providing software that helps businesses monitor and analyze data to improve service, cut operations costs and reduce security risks. Revenue in the fiscal year that ended Jan. 31 rose 83 percent to $121 million. Splunk’s net loss widened to $11 million from $3.8 million a year earlier as the company stepped up spending on sales and marketing.

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