Cvent, Inc. (NYSE: CVT) said that it closed its public offering of 5,280,000 shares of its common stock, an increase of 10% from the original offering size, and that the underwriters have exercised, in full, their option to purchase up to 792,000 additional common shares.
As a result, the total follow-on offering size was 6,072,000 shares, which consists of 747,500 shares sold by Cvent and 5,324,500 shares sold by selling stockholders. All shares included in the offering were sold to the public at a price of USD35.50 per share.
Cvent received net proceeds of approximately USD25.4m, after underwriting discounts and commissions, and before deducting offering-related expenses. These proceeds will be used for offering-related expenses, working capital and general corporate purposes, including further expansion of Cvent´s operations and product development. Cvent will not receive any proceeds from the sale of shares by the selling stockholders.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. acted as joint book-running managers for the offering. Pacific Crest Securities LLC, Stifel, Nicolaus & company, Inc., and Needham & company, LLC acted 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.