Constant Contact made a spectacular debut at its IPO yesterday. The Waltham, MA-based direct marketing email platform raised $107.2M in its IPO, with shares opening at $16 per share, well above the $12-$14 range and then going past $30. At just $16, its market cap was around $433M.
As we had reported, we are a Constant Contact users and would recommend it but it does seem like yesterday's software and there are a number of free email marketing applications coming up that would compete.
The market must be looking at Constant Contact's dramatic revenue increase over the past year. For fiscal 2006, revenue was $27.6M and its net loss was $7.8M.
In the six months ended June 30, 2007 revenue was $21.1M and its net loss was $5.5M. It will trade on the Nasdaq as CTCT.
Constant Contact had raised $38.8M from Morgan Stanley Dean Witter Venture Partners, Commonwealth Capital Ventures, Hudson Venture Partners, Greylock Partner, and others.
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