ExactTarget rises in 1st day trading on the NYSE

AP News
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Posted: Mar 22, 2012 1:46 PM
ExactTarget rises in 1st day trading on the NYSE

ExactTarget Inc.'s stock gained more than 30 percent in its first day as a public company on the New York Stock Exchange.

The interactive marketing software company's stock rose to $24.77 in afternoon trading.

ExactTarget had priced the 8.5 million shares in its initial public offering at $19 per share. That was above the price range of $15 to $17 per share that the company gave in an earlier filing with the Securities & Exchange Commission.

Based on the what the shares were priced at, ExactTarget's net proceeds would be $161.5 million before deducting estimated underwriting discounts and commissions and estimated offering expenses.

The Indianapolis company is giving the underwriters a 30-day option to purchase up to an additional 1.3 million shares to cover any excess demand.

ExactTarget is trading under the ticker symbol "ET."