Veeva Systems, which provides cloud-based software solutions for the life sciences industry, raised the proposed deal size for its upcoming IPO on Friday. The Pleasanton, CA-based company now plans to raise $222 million by offering 13.0 million shares (25% insider) at a price range of $16 to $18. The company had previously filed to offer 13.0 million shares at a range of $12 to $14. At the midpoint of the revised range, Veeva Systems would raise 31% greater proceeds than previously anticipated.
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. It is expected to price during the week of October 14, 2013.
