ExactTarget goes public, enjoys popular first day

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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.
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