MOUNTAIN VIEW, Calif. – Marimba, a provider of Internet-based software management solutions went public April 29, offering 3.54 million shares of common stock at $20 apiece. The stock priced well above the company’s $13 to $15 filing range.
Morgan Stanley Dean Witter, Credit Suisse First Boston, BT Alex. Brown and Hambrecht & Quist underwrote the initial public offering, which left 22.7 million outstanding.
Kleiner Perkins Caufield & Byers, the company’s only venture investor, was not among the selling shareholders, who offered 452,000 shares.
Marimba, founded in February 1996, develops Internet services that help companies utilize online marketing strategies and streamline business processes. The company’s product line includes Castanet Infrastructure Suite, Castanet Production Suite and Castanet Management Suite. Bear Stearns & Co., Charles Schwab, H&R Block, Morgan Stanley Dean Witter and Wausau Insurance are some of Marimba’s customers.
The company, which has never paid cash dividends, will use the $80 million in proceeds to repay debt and for general corporate purposes.
Douglas Mackenzie, general partner of Kleiner Perkins, joined the company’s board of directors in August 1996.
Marlimba – Selected Financial
(in thousands, except per share data )
Period from February 21, 1996 (Inception) Year Ended December 31,
to December 31, 1996
Total revenue 5,563 17,085
Net loss -1,245 -7,718 -5,681
Net loss per share -0.81 -1.57 -0.59