(Reuters) - Life sciences-focused software company Veeva Systems Inc filed with U.S. regulators to raise up to $150 million in an initial public offering of its common stock.
Veeva, which competes with Oracle Corp, provides web-based software for pharmaceutical company sales representatives that allows them to track drug information and to provide documentation and data to their sales forces.
The company's clients include some of the biggest pharmaceutical companies in the world such as Novartis AG, Merck & Co Inc, Eli Lilly and Co and Bayer AG.
Reuters reported in April that Pleasanton, California-based Veeva was planning an IPO that could come in the third quarter.
Morgan Stanley and Deutsche Bank Securities are the lead underwriters for the IPO, Veeva told the U.S. Securities and Exchange Commission in a preliminary prospectus on Wednesday.
The filing did not reveal how many shares the company planned to sell or their expected price.
Veeva said its profit jumped to $3.48 million in the fiscal year ended January 2013, from $599,000, a year earlier. Revenue more than doubled to $129.54 million in the same period.
Venture capital firm Emergence Capital, which invested $4 million in 2008, is Veeva's largest shareholder with a more than 30 percent stake.
Net proceeds from the offering would be used for working capital purposes, Veeva said. (http://link.reuters.com/rym92v)
The company intends to list its common stock on the New York Stock Exchange under the symbol "VEEV".
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Maju Samuel and Sriraj Kalluvila)