Goodwin Procter client Eloqua closed the initial public offering of 9.2 million shares of its common stock on Aug. 7, after the underwriters exercised their option to purchase the “green shoe” shares, for a total offer of $105 million. The shares, trading on the Nasdaq under the ticker symbol ELOQ, priced Aug. 1 at $11.50, the high end of the price range on the cover of the preliminary prospectus.
The opening trade Aug. 2 was at $12.05, and by the end of the week, the stock was trading at $14.95, valuing the company at more than $450 million. JPMorgan Chase & Co. and Deutsche Bank AG led the offering as joint book-running managers.
Eloqua, founded in Toronto in 2000 and now headquartered in Vienna, Va., makes performance-management software for subscribers over the Internet. The software automates marketing and sales initiatives and provides analysis and monitoring tools. Its customers include Adobe Systems, American Express and Dell.
The Goodwin team that advised Eloqua on its IPO included Mark Burnett, Dave Cappillo, Janet Andolina, Elaine Herrmann Blais, Robert Carroll, Jeffrey Klein, Douglas Kline, Carl Metzger, and Mark Smith.