Splunk Inc. (SPLK:US), whose software helps businesses analyze web data, raised $331 million in a secondary stock offering after surging more than 70 percent since its initial share sale.
The company sold 11.7 million shares at $28.25 apiece, according to data compiled by Bloomberg. Splunk, based in San Francisco, raised $229.5 million in its April 18 IPO after pricing above the proposed range.
Chief Executive Officer Godfrey Sullivan is among the holders offering stock, with plans to sell 500,000 shares, according to a regulatory filing. Venture-capital firms August Capital, Sevin Rosen Funds, JK&B Capital and Ignition Partners also planned to sell.
Sullivan has increased spending on sales and marketing to fund expansion, helping to boost sales 80 percent last quarter (SPLK:US). Splunk is winning business from customers including Zynga Inc. (ZNGA:US), Bank of America Corp. and Autodesk Inc. (ADSK:US), which are looking for new ways to monitor and analyze the vast amounts of data being created by Web services and mobile devices.
Splunk, listed on the Nasdaq Stock Market, rose 0.9 percent to $29.19 in New York trading today.
To contact the reporter on this story: Lee Spears in New York at email@example.com
To contact the editor responsible for this story: Jeffrey McCracken at firstname.lastname@example.org