Salesforce.com registers for IPO

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In another sign that the market might be about to pick up, Salesforce.com has filed to go public in the hope of raising around $115 million.

Its registration statement with the Securities and Exchange Commission also provided the first detailed information about the company's financial position.

The company disclosed that it lost $9.3 million on revenues of $50.9 million for the fiscal year ending 31st January 2003 compared to a loss of $29.2 million on revenues of $22.4 million the previous year.

But for the first nine months of the current fiscal year, the company says it turned a profit of $4.6 million on revenues of $65.9 million.

According to the filing, CEO Marc Benioff takes only $1 in annual salary with no bonus or option grants, but he does own 31.6 percent of the company with 28 million shares.

The investment bank leading the offering is Morgan Stanley. No dates has been set for the shares to be sold to the public.

According to Salesforce.com, the company, founded in 1999, has approximately 8,400 customers and approximately 120,000 paying subscribers running its services in 11 languages

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