NEA-backed Tableau software soars as much as 60% after 254 m IPO

May 17, 2013, 6:17am PDT Updated: May 17, 2013, 8:05am PDT

NEA-backed Tableau Software soars as much as 60% after $254.2M IPO

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BUSINESS JOURNAL PHOTO | Anthony Bolante

Tableau Software, led by CEO Chris Chabot, raised $254.2 million this week with the biggest tech IPO so far this year.

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Cromwell Schubarth

Senior Technology Reporter- Silicon Valley Business Journal

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Shares of Stanford-hatched digital charting software company Tableau Software Inc. surged by as much as 60 percent on Friday after it raised $254.2 million in an initial public offering.

The Seattle-based company led by CEO Christian Chabot sold 8.2 million shares at $31 each, above its projected target range of between $28 to $30. It had just increased that range on Wednesday from between $23 and $26. The number of shares sold was more than it expected to sell, too, up from the expected 7.1 million.
Tableau began trading with the symbol of DATA on the New York Stock Exchange on Friday, jumping to as much as $50 in morning trading

The company's biggest venture shareholders are New Enterprise Associates (37 percent) and Meritech Capital Partners (about 6.5 percent).

The IPO came on the same day that San Mateo-based Marketo Inc. raised $79 million at the high end of its target range.

Tableau's IPO, however, is the biggest that a U.S. technology company has sold since Pleasanton-based business software maker Workday Inc. raised more than $730 million in October. It comes amid a string of successful business tech IPOs, including San Diego-based ServiceNow Inc, which has also doubled in value since going public last June.

Tableau in its first quarter posted a $4.04 million loss, compared to a $1.06 million profit the year before, despite a 62 percent jump in revenue to $40 million.
Tableau grew out of research done at Stanford between 1997 and 2002 by Professor Pat Hanrahan — an Academy Award-winning special effects software developer — and Ph.D student Chris Stolte. They co-founded the company in 2003 with Chabot, who was Stolte's friend and former business partner.
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Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.

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