AAA Marin softly preps flotation

Marin softly preps flotation

Marin Software, a US-based advertising management company backed by software provider SAP’s corporate venturing unit, plans to raise up to $91m in its New York Stock Exchange flotation, according to its amended regulatory filing.

Marin has set its price range at between $11 and $13 for each of the seven million shares it plans to sell, with a further 1.05 million available if the flotation goes well.

Investment banks Goldman Sachs and Deutsche Bank are co-lead underwriters for Marin’s initial public offering. Marin posted a $26.5m net loss on $59.6m in revenue for 2012.

It has raised $80m, including $30m in February last year in a series F round co-led by Temasek, the investment holding company backed by the Singapore government that owns 10.7% of Marin.

Also participating in the series F round were SAP Ventures and venture capital firms Benchmark Capital, which owns 16.4%; Crosslink Ventures (5.8%); and DAG Ventures (16.1%); and private equity firm Triangle Peak Partners. Previous investors include Focus Ventures (6.5%) and Amicus Capital.

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