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Marketo jumps in 1st day trading on Nasdaq

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May 17, 2013 01:58 PM EST | AP

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NEW YORK — Shares of Marketo, a provider of cloud-based marketing software, leaped in their trading debut on Friday.

The stock rose $7.70, or 59.2 percent, to $20.70 in afternoon trading. The shares were priced at $13, at the high end of the expected range of $11 to $13 per share. The broader markets rose just under 1 percent.

Marketo raised about $79.3 million in the offering.

The initial public offering of approximately 6.1 million shares included about 5.8 million shares being offered by Marketo Inc. and 309,509 shares from selling stockholders. The San Mateo, Calif. company won't receive any proceeds from stock sold by selling shareholders.

Marketo said in a filing with the Securities and Exchange Commission that it planned to use net proceeds from the offering and a concurrent private placement for working capital and other general corporate purposes. The company said that it may also use part of the proceeds to buy or invest in complementary businesses, products, services, technologies or other assets.

The shares are listed on the Nasdaq under the "MKTO" ticker symbol.