Netsuite’s IPO seems to be going all guns blazing. The modified Dutch auction (similar to that employed by Google during their IPO) has already seen the estimated listing price raised to between USD19-22. The interesting thing is that the price estimate values Netsuite at 10.9 versus Salesforce’s 9.2 most recent price-to-sales valuation.
That puts the Netsuite market cap at around USD1.2 billion for a company yet to turn a profit. Compare that to Salesforce, which is profitable, and has a market cap of about US$7 billion.