The search marketing firm raises $105 million.
Search marketing firm Marin Software Inc. today launched its initial public offering, pricing 7.5 million shares of common stock for $14—or $105 million.
Marin, which also offers social, display and mobile ad services, goes by the symbol MRIN and trades on the New York Stock Exchange. Shares this morning opened at $19 and were trading at around $17 just after noon Eastern time. Marin lists such e-retail clients as Macy’s Inc., No. 14 in the Internet Retailer Top 500 Guide; Gap Inc., No. 22; and Vitacost.com Inc., No. 86.
Marin, which incorporated in 2006, says its revenue in 2012 hit $59.6 million, up 65% from $36.1 million in 2011, according to a filing with the U.S Securities and Exchange Commission. Marin had a net loss of nearly $26.5 million last year, compared with $17.4 million in 2011. “The losses and accumulated deficit were due to the substantial investments we made to grow our business and acquire customers,” Marin says in the filing.
According to the SEC filing paperwork, Marin served at least 531 advertisers as of Dec. 31. Marin earns money from subscription fees based upon how much advertising clients push through Marin’s technology.
Marin says the following companies are managing the IPO: Goldman, Sachs & Co., Deutsche Bank Securities Inc., UBS Securities LLC, Stifel, Nicolaus & Company Inc. and Wells Fargo Securities LLC.