| 9:49AM Salesforce.com prices IPO above range (CRM) 11.00: The most buzz we have seen in a while in the IPO space is salesforce.com. The IPO priced at $11, above the expected range of $9-$10, which was raised earlier in the day from $7.50-$8.50. The co is the largest provider, based on market share, of application services that allow organizations to easily share customer information on demand. It provides customer relationship management, or CRM, service to businesses of all sizes. Providing applications that are delivered through a standard Web browser, the co substantially reduces many of the traditional expenses of enterprise software implementations. From its introduction in Feb 2000, its customer base has grown to 9,800. According to a study, the market for on-demand application services is projected to grow from $425 mln in 2002 to $2.6 bln in 2007.... The co posted sales of $96 mln last year, up 88% yoy. The co posted its first profit last year. The co planned to go public last month, but delayed the deal to allow a cooling-off period following comments in the press by its CEO... It's not Google, but this deal has generated a lot of interest as it has been an aggressive and successful player in the CRM space. It probably would have been even more warmly received had it listed on the Nasdaq rather than the NYSE.... This is a 10 mln share deal, led by Morgan Stanley and begins trading this morning. |
