Data visualization company Tableau Software has raised the price range of its initial public offering to $31 per share.
In a media release, Seattle-based Tableau announced that it has raised $254 million by offering 8.2 million shares at $31, above the revised range of $28 to $30. The shares are expected to begin trading on the New York Stock Exchange on May 17 under the symbol DATA.
The company originally filed for its IPO in early April. Back in November, we picked it as one of 10 startups leading the way in ‘big data.’
“Our mission is to help people see and understand data,” Tableau’s prospectus says. The company offers products to help technical and nontechnical users create interactive charts and simulations based on raw data. Tableau offers a variety of public, corporate and premium products, and caters to a range of customers.
Tableau’s is the latest in a series of high-performing enterprise IPOs, including Workday, Splunk, and Palo Alto Networks, making 2013 the year for business software.
“Data visualization applications like Tableau are ushering in a post-spreadsheet era, threatening to kill Excel as the killer app for desktop analytics,” said data scientist Mike Driscoll, who is also the CEO of Metamarkets.
Still, Tableau faces strong competition from giants like IBM, Microsoft, Oracle, and SAP as well as startups like Tibco Spotfire. And maybe even Google.
“Our mission, to help people everywhere see and understand data, isn’t all that different from Google’s,” Christian Chabot, the company’s cofounder and chief executive, said in a recent interview with VentureBeat.
Goldman, Sachs & Co. and Morgan Stanley are acting as lead joint book-running managers for the offering.