Wednesday, October 16, 2013

Veeva Systems Surges in IPO

Pleasanton-based Veeva, a developer of cloud-based software for the life sciences industry, surged its its IPO, and is now trading as high as $38.00--up 85 percent from its IPO price of $20.00 per share. The company--which is backed by Emergence Capital Partners--had priced its IPO at $20.00 last night, above its original estimated IPO range of $12.00 to $14.00 per share. The company had filed for an IPO in September. The firm debuted on the NYSE as VEEV this morning. The IPO is a huge home run for Emergence Capital partners, which only had invested $10M in the company.