By The Value Investor:
Cvent (CVT) made its public debut on Friday, August the 9th. Shares of the cloud-based enterprise event management platform, ended their first day with gains of 56.8% at $32.92 per share.
As investors in today's public offering market bid up shares of all companies which engage in "cloud" activities, the current valuation has become too expensive to me.
The Public Offering
Cvent has a mission to transform the events and meetings industry. With its cloud-based software platform it will disrupt the traditional planning system, creating more value for event planners. The cloud-based solutions address the entire lifecycle of the event, from agenda to venues. Event planners have access to a proprietary database of hotel and venue information, accessible online.
Cvent sold 5.6 million shares for $21 apiece, thereby raising $118 million in gross proceeds. All shares will be sold by the company with no shares being offered by
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