Veeva Systems, which develops cloud-based software solutions for the life sciences industry, announced terms for its IPO on Thursday. The Pleasanton, CA-based company plans to raise $170 million by offering 13.0 million shares (25% insider) at a price range of $12 to $14. At the midpoint of the proposed range, Veeva Systems would command a fully diluted market value of $1.85 billion.
Veeva Systems, which was founded in 2007 and booked $168 million in sales for the 12 months ended July 31, 2013, plans to list on the NYSE under the symbol VEEV. Veeva Systems initially filed confidentially on June 27, 2013. Morgan Stanley and Deutsche Bank are the joint bookrunners on the deal.
