Shares of Cornerstone OnDemand increased on the first day of trading Thursday.
During trading Thursday afternoon, the stock was at $19.75, which is a 52 percent increase for the software company's IPO, according to the Associated Press (News - Alert).
Cornerstone OnDemand predicted the IPO to be somewhere in the range of $9 to $11, but the shares were priced at $13, The AP reported.
The company is selling 7.5 million shares, and shareholders are offering another 3 million shares.
Cornerstone will use proceeds from the sales of shared for “general corporate purposes, debt repayment and possible acquisitions,” according to a report from the Associated Press.
The company saw a loss of $56.6 million in 2010. It earned revenues of $46.6 million.
Shares are listed on the Nasdaq Global Market under the symbol "CSOD," according to a report from TMCnet.
Cornerstone OnDemand will not receive any proceeds from the sale of shares by the selling stockholders.
Cornerstone OnDemand provides a learning and talent management solution which is offered as software-as-a-service (SaaS (News - Alert)). The solution features five platforms for learning management, enterprise social networking, performance management, succession planning and extended enterprise, according to TMCnet. The company has over 4.9 million users in 164 countries speaking some 23 languages.
To mark the IPO, Adam Miller, president and CEO of Cornerstone OnDemand, was to ring the opening bell at the Nasdaq MarketSite in New York City's Times Square.
Goldman Sachs and Barclays Capital were the joint book-running managers for the IPO, according to TMCnet. William Blair, Piper Jaffray, Pacific Crest Securities and JMP Securities (News - Alert) were co-managers.
In other company news, Cornerstone OnDemand recently was listed as a “Leader” in IDC’s (News - Alert) 2011 Integrated Talent Management MarketScape report.
“Cornerstone OnDemand achieved leader status in this year's analysis through market momentum, product innovation and integration of its software platforms,” Lisa Rowan, program director of HR, Learning and Talent Strategies at IDC, stated in the report. “Other strengths include strong functional capabilities, true multi-tenant SaaS for scalability and solid customer references.” Ed Silverstein is a TMCnet contributor. To read more of his articles, please visit his columnist page.
Edited by Janice McDuffee