Indianapolis—Email marketing company ExactTarget went public Thursday, raising $161 million. Investor confidence bid up the $19 initial share price by 32%, with shares closing at $25.11 by the end of trading.
CEO Scott Dorsey founded ExactTarget in 2000 with an initial investment of $200,000. The company planned to go public in 2009, but put it off due to the slumping economy.
According to ExactTarget's stock prospectus, the company lost $35 million last year on sales of $207 million. ExactTarget plans to use the infusion of cash to expand sales and marketing as well as its overseas operations.