So NetSuite’s IPO process is basically complete. They priced the stock today at $26, and barring any major market disruptions the company will begin trading Thursday morning under the symbol “N” on the New York Stock Exchange. A total of 6.2 - 7.1 million shares will be sold, raising the company around $165 million. And if the stock price holds, they’ll be worth well over $1 billion in the public markets.
Rumors first came up that the company was going public a year ago. In July 2007 the company made their first filings with the SEC.
Revenue to date this year is nearly $77 million, with losses of around $20 million.
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is it possible to IPO now with lossof that much?
oh my. Not a bad pay day for Larry Ellison who owns 65% of NetSuite.
1 billion is not grown up?
fakesteveballmer.blogspot.com
1 billion and 20 million in losses !!
Wow, single letter ticker symbol. I thought those were reserved for big time companies. Didn’t NYSE wave the “M” at MSFT a few years back in an effort to lure them away from NASDAQ? Now we see “N” getting handed out to puny little outfits who haven’t ever made a red cent. For shame, NYSE, for shame.
ironically, the bubble song was playing when I was reading this post
Let’s cut to the chase, as a former customer I can attest to the fact that their product offering and service is nothing short of horrendous. I’m amazed they continue to receive strong press with such a terrible end product.
@ Printer Ink Guy
I second your analysis. We used Salesforce and switched to NetSuite since it did financials, etc. Netsuite sucks - it was sssslllloooowwwww.
Back on Salesforce and all is well.
We tried their product and didn’t find anything impressive.
I also don’t get how they could get the single-letter “N” ticker. Are all 4-letter tickers starting with “N” already taken or NYSE knows that “N” will soon be free again?
Thats alot of money, Is it really worth it
Dale
http://dzrbenson.com/blog
@ Fake Steve Ballmer (#4) - Hahaha! Now THAT was a funny comment!
Having tried NetSuite’s product myself I agree that it is nothing impressive and their support is extremely lacking. And you can barely understand what the support guy / sales rep is saying on the phone. And oh, good luck contacting the sales rep once you have signed the contract.
According to me Netsuite will be a big bet going forward. I really would like to watch the stock performance in coming days to make a perfect entry point in this stock as I was not able to subscribe the IPO issue of this company.
Mike
http://stocktrading-investment.blogspot.com/
Anyone interested in buying Netsuite should perform due diligence as a customer first. Once you see past the smoke screen, you will find this company to be totally worthless.
Lots of negatives in the business model and competitors are quickly scaling up to cash in on defectors.
Do a google search on Netsuite Nightmares or go to http://www.netsuiteconsumerfraud.com.
By the way, I’m can say this because I’m currently a Netsuite customer but getting out when my contract runs out. I would have terminated earlier they wont refund anything. I agree with the post about their sales reps. Once you sign up, you will not hear from them ever. Especially if you run into issues. Their word is worthless unless it is on paper.
Ellison has watched his shares of software giant Oracle fall 28% in the last 11 months. The titan’s other public holding, NetSuite, is down 79% this year.
Netsuite sucks. After being undersold on the product which then required more than double the investment to actually get the software components that we required, the implementation quoted by netsuite when over budget 250%. We made the wrong decision in continuing to invest in a bottemless pit. Eventually, the software’s instability (many bugs) and extremely slow performance finally killed the project and we switched to aplicor.