Salesforce.com is aiming to raise $80 million from its initial public offering of stock, a figure that values the company at $800 million.
But the company has not established a timetable for completing its IPO of 10 million shares. The firm filed its IPO papers four months ago, but the transaction has been on hold while the company dealt with accounting issues raised by the SEC.
Salesforce.com appears to have resolved the concerns by restating its fiscal 2002 and 2003 results, increasing its combined loss for those years by $8.7 million. The company became profitable in the year ending in January, earning $3.5 million on revenue of $96 million.
CEO Marc Benioff is set to do nicely out of the IPO. At $8 a share, his personal stake in Salesforce.com will be worth $225 million.