Cvent, Inc. (NYSE: CVT) said it has increased and priced its follow-on offering.
Due to strong demand, the size of the offering has been increased from 4,800,000 shares of common stock to 5,280,000 shares of common stock at a price of USD35.50 per share.
The offering consists of 4,630,000 shares from certain existing stockholders and 650,000 shares from Cvent. In addition, the underwriters have a 30-day option to purchase up to 792,000 additional shares of common stock from Cvent and the selling stockholders. In connection with the offering, Cvent, its directors and executive officers, and all selling stockholders have agreed to lock-up agreements that will extend the initial public offering lock-up period until 90 days after this follow-on offering.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Pacific Crest Securities LLC, Stifel, Nicolaus & company, Inc., and Needham & company, LLC are acting as co-managers.
Cvent is a leading cloud-based enterprise event management platform. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, e-mail marketing and web surveys.