Veeva Systems sets IPO price range of $12-$14

|About: Veeva Systems Inc. (VEEV)|By:, SA News Editor

The price range translates into a valuation range of $1.47B-$1.71B. Veeva (VEEV) is looking to sell 9.7M new shares, and 3.3M on behalf of insiders. (S-1)

Veeva, a provider of cloud-based software for pharmaceutical R&D and sales/marketing teams, had revenue of $92.4M (+71% Y/Y) in the 6 months ending July 31, and net income of $10.8M. Subscription revenue was $62M, and professional services/other $30.4M.

Opex jumped 112% Y/Y in the 6-month period to $37.6M. As of July 31, the deferred revenue balance (important for companies relying on cloud subscriptions) stood at $48.3M.