Cvent Plans Follow-On Public Offering

Less than six months after going public, meetings technology company Cvent is planning a follow-on public offering of its stock, it announced yesterday.

According to a news release, the company has filed a registration statement with the Securities and Exchange Commission (SEC) relating to a proposed public offering of 4.8 million shares of its common stock. Of those shares, 4.15 million would come from existing stockholders and 650,000 from Cvent.

“The primary purpose of the offering is to facilitate an orderly distribution of shares and to increase the company's public float,” the company said in a statement. “The net proceeds of the Cvent portion of the offering will be used to pay for the expenses of this offering, and any remainder for working capital and general corporate purposes, including further expansion of our operations and product development. Cvent will not receive any proceeds from the sale of the shares by the selling stockholders.”

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