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Eloqua Notches Modest Gains After IPO

By Lynn Cowan and Chris Dieterich NEW YORK--Shares of software company Eloqua Inc. (ELOQ) rose modestly on its first day as a publicly traded company. The company's stock opened at $12.02 a share on the Nasdaq Stock Market, according to FactSet, or 4.5% higher than its initial-public-offering price of $11.50. The company sold eight million shares at a price that was toward the higher end of its expected $10-to-$12 range. The stock fell back a bit shortly after its trading began, up 2.9% to $11.83 around 11 a.m. EDT. Eloqua, founded in 2000, makes performance-management software that it delivers via the Internet to subscribers. Its software automates marketing and sales initiatives and provides analysis and monitoring tools to users. Eloqua's software allows companies to track and analyze potential buyers' interactions with web pages, social-media networks and other communications platforms. Its customers include Adobe Systems Inc. (ADBE), American Express Co. (AXP), and VMware Inc. (VMW). Eloqua's software subscription fees increase when the size of a customer's database of potential buyers rises above a predetermined level. In 2011, Eloqua's revenue increased 40% to $71 million, though the company posted a net loss of $6.2 million, compared with a net loss of $1.5 million in 2010. In the first six months of 2012, Eloqua's revenue increased 42% to $45 million, although the company reported a net loss of $5.5 million, compared with a loss of $3.5 million in the first half of the prior year. The company has a history of losses and warns it may not be consistently profitable in the future. Eloqua's offering follows a disappointing debut last week from cloud-based business-software company E2open Inc. (EOPN), which fell 9.3% on its stock-market debut after pricing at the low end of its range. E2open fell 1.4% to $12.35 on Thursday, and remains 18% below its $15 IPO price. Write to Lynn Cowan at lynn.cowan@dowjones.com

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