View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Software
December 5, 2007

NetSuite looking to raise up to $99m from IPO

Software-as-a-service business suite provider NetSuite has revealed that it plans to raise up to $99m from its forthcoming IPO.

By CBR Staff Writer

The company is expecting to offer 6.2 million shares at $13 to $16 per share when it launches the IPO, which will be conducted using an auction format. The company will trade on the New York Stock Exchange under the symbol N.

During the third quarter NetSuite increased its year-on-year revenue from $18m to $28.1m and reduced its loss from $9.2m to $1.8m. For the nine-month period the company sustained a loss of $21m on revenue of $77m, compared to a loss of $28m on revenue of $47m in the year-ago period. It has approximately 5,400 customers.

NetSuite is majority-owned by Oracle’s Larry Ellison and related family trusts and that situation will continue after the IPO. However, action was taken recently to create a lock box limited liability company for Ellison’s shares which will prevent him voting on any significant issues. The action was taken because Ellison’s position as CEO represents a potential conflict of interest. Oracle is cited as a competitor to NetSuite.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU