HubSpot, which provides a cloud-based marketing automation platform to SMBs, raised the proposed deal size for its upcoming IPO on Monday. The Cambridge, MA-based company now plans to raise $115 million by offering 5 million shares at a price range of $22 to $24. The company had previously filed to offer 5 million shares at a range of $19 to $21. At the midpoint of the revised range, HubSpot will raise 15% greater proceeds than previously anticipated, and will command a fully diluted market value of $796 million (up from $687 million).
HubSpot, which was founded in 2005 and booked $94 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol HUBS. HubSpot initially filed confidentially on 3/28/2014. Morgan Stanley, J.P. Morgan and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of October 6, 2014.
