Seeking Alpha

Cvent prices IPO above range; Active Network on watch

  • Online event/meeting management platform Cvent (CVT) has priced its 5.6M-share IPO at $21, above an initial range of $17-$19. That's good for a market cap of $813M, or 9.7x 2012 sales. Shares are set to begin trading today.
  • The IPO comes a week after shares of rival Active Network (ACTV) soared thanks to the company's disclosure it has received investment/buyout interest, and is evaluating its options. Active also issues soft Q3/2013 guidance to go with a Q2 beat.
  • Stifel questioned Active about competition and questions about share loss on the Q2 CC. Active responded by stating it's performing well at "the higher end" of the event/meeting management market, but didn't flat-out deny it's losing share.
  • Active reported 9% Y/Y rev. growth for Q2. Cvent grew 33% Y/Y in Q1. However, its quarterly revenue is still less than 1/4 of Active's
  • S-1, 2012/Q1 results
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