Qlik Tech IPO raises 11 pct more
Business software maker Qlik Technologies Inc. raised 11 percent more than expected
NEW YORK, July 15 (Reuters) - Business software maker Qlik Technologies Inc (QLIK.O: Quote), whose customers include BP Plc (BP.L: Quote), Campbell Soup Co (CPB.N: Quote), Kraft Foods Inc (KFT.N: Quote) and Qualcomm Inc (QCOM.O: Quote), raised 11 percent more than expected in its initial public offering on Thursday, according to an underwriter.
The company sold 11.2 million shares for $10 each, raising about $112 million. It had planned to sell shares for $8.50 to $9.50 each, the underwriter said.
Qlik's revenue rose 65.8 percent to $43.77 million in the three months ended March 31. It narrowed its net loss to $119,000 from $4.3 million.
The company, whose shareholders include Accel Europe and Jerusalem Venture Partners, said it would use proceeds from the offering to repay a loan and for working capital and general purposes.
Underwriters were led by Morgan Stanley, Citi and JPMorgan. The shares are expected to begin trading on the Nasdaq on Friday under the symbol "QLIK." (Reporting by Clare Baldwin; Editing by Phil Berlowitz)